Brent crude drops below $50 a barrel for first time since January

Crude-oil futures extended their fall Monday, with ICE Brent crude for September delivery sliding below $50 a barrel. That's the first time since January the global oil benchmark has traded below $50 on a most-active contract basis, according to FactSet data. The contract traded at $49.88 a barrel in recent action, down $2.33, or 4.4%. The U.S. benchmark, West Texas Intermediate, was also under pressure. WTI crude for delivery in September on Comex was $1.76 lower, a fall of 3.7%, at $45.39 a barrel in recent action, after hitting its lowest level since March. Oil futures are feeling renewed pressure on a global glut of crude and concerns about world economic growth.

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