The price of oil plunged again Monday and fell below $50 a barrel for the first time since April 2009 as evidence mounted that the world will be oversupplied with oil this year.
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Benchmark U.S. oil dipped to $49.77 before closing down $2.65, or 5 percent, to $50.04 a barrel. Brent crude, a global benchmark used to price oil used by many U.S. refineries, sank $3.31, or 5.9 percent, to $53.11.
In June of last year oil traded above $107 a barrel. But rising production outside of OPEC, especially in the U.S., boosted supplies just as weakness in the global economy slowed the growth in oil demand.