Global glut drives Brent crude oil back below $50 a barrel

A world-wide oil glut and uncertainty over economic growth combined to send oil futures sliding Monday, with the global crude benchmark trading below $50 a barrel for the first time since January.

Brent crude on London’s ICE Futures LCOU5, +0.30% exchange dropped $2.69, or 5.2%, to close at $49.52 a barrel, the lowest finish since Jan. 29.

The U.S. benchmark, West Texas Intermediate crude, also plunged. WTI crude for delivery in September CLU5, +0.69%  dropped $1.95, or 4.1%, to end at $45.17 a barrel, the lowest level for a most-active contract since March 19.

Oil slumped amid a confluence of negative factors, though there appeared to be no individual catalyst for the leg lower, said Robert Yawger, director of energy futures at Mizuho Securities.

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