Oil price drops below $50 a barrel

The price of US oil has fallen below $50 a barrel. That's the first time since December 2016. On a daily basis, West Texas Intermediate oil is down about 2 percent to $49,17, it writes. Business Insider. 

The decline follows data on US oil inventories from the US Department of Energy. Figures released last Wednesday showed a weekly increase in oil inventories, by 8,21 million barrels to a total of 528,4 million barrels.

US oil inventories are at a record level, according to Bloomberg news agency. Initially, the oil price fell 5 percent on Wednesday evening. Since then, the price has bounced back slightly, but sentiment is still negative. 

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Below is a chart of the oil price:

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