WTI oil price slides under $50 per barrel
By MG News | November 29, 2018 at 04:12 PM GMT+05:00
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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