Oil prices fell sharply on Monday to below $50 a barrel following forecasts by the International Energy Agency (IEA) that demand for crude would decline this year by 2.4 million units a day.
Last week, the IEA predicted that the world economy will need only 83.4 million barrels of oil a day, 2.8 per cent less than in 2008, after “lower than expected economic growth in the global economy”
Oil falls below $50 amid slump in US stocks - Times Online