US oil benchmark drops below $48 in early Asia trading

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West Texas Intermediate dropped below the $48-per-barrel mark on Monday morning in Asia, pointing to still further downward pressure on the US crude oil benchmark.

The price fell as much as 1.2 per cent to $47.90 a barrel in early morning Asia trading, its lowest level since November 30.

Brent crude, the international benchmark was off as much as 1 per cent at $50.85 a barrel.

The US oil price had suffered its sharpest one-day sell-off for 13 months on Wednesday, and fell 7 per cent over the course of last week. After months floating sideways, West Texas Intermediate crude is now trading below $50 for the first time since December.

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