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| Version 1 | Version 2 |
|---|---|
| Brent crude oil price dips below $50 a barrel | Brent crude oil price dips below $50 a barrel |
| (35 minutes later) | |
| The price of Brent Crude oil has fallen below $50 a barrel for the first time since May 2009. | The price of Brent Crude oil has fallen below $50 a barrel for the first time since May 2009. |
| It fell more than a dollar to $49.92 a barrel in early trading on Wednesday before edging back above the $50 mark. | It fell more than a dollar to $49.92 a barrel in early trading on Wednesday before edging back above the $50 mark. |
| Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks. | Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks. |
| The price of oil traded in the United States, known as West Texas Intermediate crude, has already breached the $50 threshold. | The price of oil traded in the United States, known as West Texas Intermediate crude, has already breached the $50 threshold. |
| Many observers expect the price of oil 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. | |
| "With no sign that OPEC will do anything about over-production, it seems likely that we could well see further declines towards $40 in the coming weeks," said CMC Markets analyst Michael Hewson. | |
| Whilst many consumers and businesses welcome a drop in the cost of fuel, oil producing countries including Russia and Venezuela struggle as the price of their main export falls. | |
| The oil price has now fallen by more than half since June. |