(CNBC) — The selloff in oil continued with little pause into the new year with U.S. crude futures tumbling below $50 a barrel on Monday for the first time since April 2009 on fears of a global supply glut.
U.S. crude's front-month contract fell to $49.95, down 5 percent from Friday's close, before recovering to $50.20 by 11:36 a.m. EDT
Brent crude for February also hit a fresh 5-½-year low, falling as low as $52.66 per barrel before rebounding back above $53.
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The two crude oil benchmarks have now lost more than half of their value since mid-2014.