Crude oil just broke $50

Crude oil just fell below $US50 per barrel.

On Monday afternoon in New York, West Texas Intermediate crude oil futures dropped below the $US50 per barrel-mark for the first time since April 6.

Last week, oil prices fell for a third straight week. Oil has been under pressure on news of Iran’s nuclear agreement, which raised concerns about a flood of new exports. Many analysts do not expect a surge in Iranian exports until next year, however.

Oversupply elsewhere in the market has been a persistent concern, with Saudi Arabia announcing record June production last week.

Here’s a chart showing the slide in WTI on Monday:

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