Oil Lengthens Sub-$50 Run as U.S. Stockpiles Grow

After a dismal Monday, oil continued its run of record lows dropping below $50 a barrel again as concerns about U.S. stockpiles and oversupply continues to cause havoc on the market.

According to Bloomberg:

Oil slumped almost 50 percent in 2014, the most since the 2008 financial crisis, after the Organization of Petroleum Exporting Countries resisted calls to cut output as it competes with U.S. producers. The market faces “more problems” this year, according to Morgan Stanley, with surging output in Russia and Iraq contributing to a surplus that Qatar estimates at 2 million barrels a day.

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