NEW YORK: The prices of oil declined in New York dropping below $50 with the WTI contract breaking away from a stable trade in London.
West Texas Intermediate for March delivery settled at the official close at US$50.32 a barrel, down 82 cents, as the contract expired. WTI then continued to fall further in late trade, dropping below US$50.
In London, Brent crude for April delivery was flat at US$60.22 a barrel, one cent higher from a day earlier.
US and Canadian output continued to rise despite the weak market, adding to the gap between the two key benchmarks.
Markets, oil drop in Asia but bitcoin edges towards $50,000
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