Crude oil dipped below 50 U.S. dollars a barrel Thursday morning as concerns over slumping energy demand continued to weigh on the market.
The oil market has been ruled by bearish sentiment as the global economic downturn has reduced the demand for fuel products.
On Wednesday, the U.S. Department of Energy reported a larger than expected increase in crude stockpiles during last week, which reinforced investors’ worries.
Moreover, crude futures have been closely following the performance of the stocks. With major indexes in Wall Street tumbling to record lows, oil prices are losing support as investor confidence wanes.
