Brent crude slid below $50 a barrel to close at its lowest level since November as confidence in Opec’s ability to overpower a resurgent US shale industry and ease a global oil surplus faded.
The international oil benchmark dropped by 4.8 per cent on Thursday to settle at $48.38 a barrel in London. West Texas Intermediate, the US marker, also fell by 4.8 per cent to settle at $45.52 a barrel.
Both benchmarks have erased all of the gains made since some of the world’s biggest producers agreed to curb supplies in an effort to end the worst oil crash in a generation.
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