oil-2.siBrent crude oil has fallen below $50 per barrel on the London Stock Exchange – the lowest plunge since the dark days of the 2008 financial crisis. So far in 2015 Brent has already lost 10% of its value, after wiping out 50% in 2014. Brent crude is the European trading benchmark, and is following the spiral trajectory of its US-counterpart WTI, which sunk below $50 per barrel for February contracts on Monday. Oversupply in the market combined with a downturn in global demand has seen prices plummet to new lows. Much of the oversupply has come from the US, which in the last five years went from the world’s biggest importer of petroleum to the biggest global producer, even outpacing Saudi Arabia. The US may soon begin exporting supplies. More