Oil falls below US$50
Oil fell below US$50 a barrel this morning, tracking US stock market losses ahead of what is expected to be a miserable first-quarter earnings season.
OIL prices fell below US$53 to almost a two-year low on Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's shaping up as the worst in decades.