Brent Crude Crashes Below $50

Brent crude, Nigeria’s oil type, for the first time since May 2009 fell below $50 per barrel Wednesday morning due to reducing demands and glut in global supply. For February delivery, the Brent crude traded at $49.99 a barrel at around 7.55 a.m, before its slight ascension to $50-per-barrel mark. The benchmark has continued to hit fresh 5-½-year lows this weekalong with U.S. crude, which has fallen below $48 and was trading at $47.17 on Wednesday morning. The commodity price has become a leading indicator for asset markets, with a dip in price roiling stock markets over recent sessions. It has also led to a flight to safety, with the yield on the U.S. 10-year Treasury falling below 2 percent on Tuesday for the first time since October

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