Oil prices slip below $50 barrel on record output

Brent crude oil prices fell below $50 a barrel yesterday, after the global economic outlook darkened and Iraq announced record oil production.

The world’s biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted as saying yesterday.

China is expected this week to report growth slowing to 7.2% from a year ago, the weakest since the depths of the last global economic crisis. Data from China’s National Bureau of Statistics showed on Sunday house prices fell for a fourth straight month.