WTI oil price slumps under $50 a barrel, hits lowest level in 14 months

One of the world's major oil contracts, New York's WTI, slumped under $50 per barrel on Thursday, reaching the lowest level in nearly 14 months.  

WTI and Brent North Sea crude, another benchmark contract, have been tumbling for weeks on fears of a supply glut -- despite oil kingpin Saudi Arabia planning an output cut and urging other producer nations to follow suit.

WTI hit as low as $49.41 per barrel, the lowest point since October last year. Around 1025 GMT and after a slight recovery, WTI stood at $49.83, down 46 cents compared with Wednesday's close. 
 

Brent was down 63 cents at $58.13.