Oil prices slipped on Wednesday, continuing a recent slide after surging U.S. crude output hit another record and domestic inventories rose more than expected. The U.S. Energy Information Administration (EIA) said domestic crude inventories rose 5.8 million barrels in the latest week, more than double analysts’ expectations.
The price of a barrel of the North Sea benchmark dropped on Monday by 5.5% to 47.36 dollars, its lowest level since early 2009. US crude oil was also at its lowest level since that time, down by 5% to 45.90 a barrel.
The US oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009, before finishing the day at $50.05. The price of Brent crude also fell on Monday, dipping 6% to $53 a barrel.