November 29, 2918: One of the world's major oil contracts, New York's WTI, slumped under $50 per barrel on Thursday, reaching the lowest level in nearly 14 months.

WTI and Brent North Sea crude, another benchmark contract, have been tumbling for weeks on fears of a supply glut — despite oil kingpin Saudi Arabia planning an output cut and urging other producer nations to follow suit.

WTI hit as low as $49.41 per barrel, the lowest point since October last year.

Around 1025 GMT and after a slight recovery, WTI stood at $49.83, down 46 cents compared with Wednesday's close.

Brent was down 63 cents at $58.13.

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