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Oil price drops to less than USD 50

For the first time since January, North Sea oil slipped to less than USD 50 per barrel. Further declines can be on the way.

Photo: COSL

The price of a barrel of North Sea oil slid below the USD 50 threshold on Monday night, to USD 49.90, to be exact, while Brent oil dropped to USD 49.61.

According to Norwegian financial site Marketwatch, this is the first time since January that the North Sea oil drops below USD 50, and oil analysts project further slides in the oil price.

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