Crude oil falls to below $50 a barrel, lowest in over 3 years

New York: Crude oil fell to the lowest in more than three years in New York on signs that the economy in the US, the world's largest energy consumer, is in a more severe economic slowdown than expected.

Crude oil for January delivery dropped as much as $1.70, or 3.5 per cent, to $47.58 a barrel in after-hours trading on the New York Mercantile Exchange. That's the lowest since May 20, 2005. It was at $47.80 at 2:03 pm. in Singapore. The contract fell $5.15, or 9.5 per cent, to $49.28 a barrel on Monday, the lowest settlement since May 23, 2005.

Oil prices have tumbled 68 per cent since reaching a record $147.27 on July 11 as the US, Europe and Japan face their first simultaneous recession since World War II.