Oil dropped to below $50 a barrel

Following the rapid drop in the price of oil globally for the past 6 months, the price of light crud Brent for the first time since past six years dropped to below $50 a barrel on Monday, January 5, 2015.
At New York stock exchange the price of light crude for delivery in February was set at $49.95. This is the lowest since past 6 years. The concern over the reduction of global demand for oil especially from China and European countries are considered one of the core reasons for oil price free fall.