Brent crude falls below $50 for first time since 2009

Brent fell just below the $50 mark on the morning of 7 January, its lowest level since May 2009, a day after the US WTI measure similarly dropped below $50 a barrel. The 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 shor...