U.S. crude below $50 as oil selloff extends into new year

Reuters
U.S. crude below $50 as oil selloff extends into new year

(Reuters) - The selloff in oil continued with little pause into the new year with U.S. crude futures tumbling below $50 a barrel on Monday for the first time since April 2009 on fears of a global supply glut.

U.S. crude's front-month contract <CLc1> fell to $49.95, down 5 percent from Friday's close, before recovering to $50.20 by 11:36 a.m. ET.

Benchmark Brent crude <LCOc1> was down more than 6 percent at below $53 a barrel.

(Reporting By Barani Krishnan)