Brent Oil Dips below $50 for first time since May 2009

Brent crude oil prices fell below $50 a barrel for the first time since May 2009 on Wednesday as global business growth slowed to its weakest in a year, and analysts said a growing supply glut meant more falls were likely.

The pace of global business growth eased to its weakest rate in over a year at the end of 2014 as rates of expansion slowed in both the manufacturing and service industries, according to JPMorgan's Global All-Industry Output Index, produced with Markit.

Benchmark Brent crude futures LCOc1 fell more than a dollar to $49.92 a barrel just before 3. a.m. ET, reaching levels last seen in May 2009, although prices edged back above $50 later. U.S. futures CLc1 were down around 75 cents to under $47.20 a barrel, their lowest since April 2009, after already completing the drop below $50 earlier in the week.