Brent oil falls below $50 for first time since 2009 on supply glut

The price of Brent Crude, the global benchmark for oil, has fallen below $50 per barrel for the first time in six years.

The price of oil is expected to fall further as North American shale producers continue to supply increasing quantities of oil and gas, and the oil-producing group OPEC resists calls for cuts in production to support prices.

New supply has entered the market and increased production is coming primarily from Russia and Iraq,

Oil producing countries have been hit as the price of their main export falls.

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