International oil price slides under $50 per barrel

LONDON: One of the world's major oil contracts, New York´s WTI, slumped under $50 per barrel on Thursday, reaching the lowest level in nearly 14 months.

The WTI and Brent North Sea crude, another benchmark contract, have been tumbling for weeks on fears of a supply glut, despite oil kingpin Saudi Arabia planning an output cut and urging other producer nations to follow suit. The WTI hit as low as $49.41 per barrel, the lowest point since October last year.

Around 1025 GMT and after a slight recovery, the WTI stood at $49.83, down 46 cents compared with Wednesday´s close. Brent was down 63 cents at $58.13.