Oil prices slid further below the $50 a barrel mark on Monday to a near six-year low amid growing concerns of an oil surplus in the coming months. Ice February Brent, the international oil marker, dropped $1.43 to $48.68 a barrel in morning trading, while Nymex February West Texas Intermediate, the US benchmark, fell $1.22 to $47.14 a barrel. Both hovered at levels last seen in April 2009. Opec’s November decision to maintain output at 30m barrels a day, rather than cut production to shore up prices, has lubricated a plunge that started in June. Relentless production from the US and output from countries such as Libya and Iraq that surpassed estimates coincided with a demand slowdown in Europe and Asia amid economic weakness, all putting pressure on prices. More On this topic IN Commodities David Hufton, chief executive at London-based broker PVM, said there seemed to be “no […]