Brent crude slides below $50 as Opec production accelerates

Oil slid below $50 a barrel on Monday, extending last month’s losses to hit the lowest level since January due to signs growing production will continue to outstrip supplies.

ICE September Brent crude — the global benchmark — fell 18 per cent in July. In the first session of August, it fell another 4 per cent, losing more than $2 a barrel to hit a six-month low of $49.81.

The renewed price pressure came as market participants focus on accelerating production from Opec countries, such as Saudi Arabia and Iraq, where output has reached new records amid a global competition for customers. (by Anjli Raval, Oil and Gas Correspondent, Financial Times)