Oil prices fell to a 14-month low on Monday on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over the prospects for global economic growth and fuel demand.
U.S. light crude ended Monday's session down $1.32, or 2.6 percent, to $49.88, settling below $50 for the first time since October 2017. The contract fell 4 percent towards $49 a barrel after the settlement, hitting the lowest level on an intraday basis since Sep. 13, 2017.
Brent crude oil fell 67 cents, or 1.1 percent, at $59.61 per barrel.
U.S. crude futures fell after inventories at the storage hub of Cushing, Oklahoma rose by more than 1 million barrels between Dec. 11 and Dec. 14, traders said, citing data from market intelligence firm Genscape.
Traders and market participants closely watch supplies at the hub because it is the delivery point for the futures contract and underpins nearly all other regional crude grades.