Brent crude falls below $50 for first time since 2009

The precipitous decline in the oil price has continued this morning, with a further slump in Brent crude seeing it trade below $50 for the first time in more than five years.

Brent fell just below the $50 mark this morning, its lowest level since May 2009, a day after the US WTI measure similarly dropped below $50 a barrel. Today’s fall in Brent means it has lost some 40% of its value in just two months. Having been as high as $110 a barrel last June, the latest falls are seen as further evidence of falling demand and an oversupplied market. Russian production levels are at historic highs, for example, while Iraq exports have now reached levels not seen since 1980, according to the FT. Key supplier Saudi Arabia, meanwhile, has refused to shore up the pr...