The price of Brent crude oil fell below $50 per barrel on Monday, its lowest level since January, as concerns grow that production will continue to surpass supply.
On Monday the price of Brent crude fell 4 per cent, losing more than $2 per barrel to hit a six month low of $49.52. It recovered slightly on Tuesday to be trading at $49.87 in the morning session.
The price of oil has plummeted in the past year due to a combination of weaker demand and growing supply.
