LONDON, Jan 7 (Reuters): Brent crude oil recovered slightly after falling below $50 a barrel for the first time since May 2009 on Wednesday, as traders re-assessed their books after a sharp slide since the start of the year on a growing supply glut and weak global demand.
In choppy trade, benchmark Brent crude futures were down 25 cents at $50.85 by 1156 GMT, having fallen as low as $49.66, a level last seen in May 2009.
"I wouldn't be surprised if we trundle around the $50 mark for a few sessions as investors consolidate their positions just as they did when prices hit $60," Sucden analyst Kash Kamal said.
Brent fell in the previous four sessions and is still down 8.6 per cent this week. Prices have lost around 55 per cent since their peak above $115 last June as stockpiles of oil mount with no signs of a cut in production from OPEC.
Oil creeps back after falling to $49.66
FE Team | Published: January 08, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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