Oil falls below $50 a barrel for the first time in over a year
By Chris Isidore, CNN Business
November 29, 2018
New York (CNN Business)US crude oil fell below $50 a barrel Thursday for the first time in more than a year.
Oil's recent slide has shaved more than a third off its price. Crude fell more than 1% Thursday to as low as $49.41 a barrel. The last time oil closed below $50 was in October 4, 2017.
Concerns about oversupply have sent oil prices into a virtual freefall: Crude hit a four-year high above $76 a barrel less than two months ago.
Traders looking for a rebound in the price of oil were hoping that Russian President Vladimir Putin and Saudi Arabian Crown Prince Mohammed bin Salman might reach an agreement about production cuts when they meet at the G20 meeting this weekend. But Putin said Thursday the current depressed price of oil suits him just fine, dashing hopes of further cuts in production.
Investors are worried that US production...