Crude oil price slumps amid global glut concerns

The price of oil has dropped below $50 in New York trading for the first time since December as concerns that Opec’s output cuts are failing to restrain record US stockpiles triggered the biggest slump in more than a year.

West Texas Intermediate fell up to 3% after losing 5.7% in the previous three sessions.

Crude supplies rose 8.2 million to the highest level in weekly US government data since 1982.