Oil prices drop and Brent crude hits $ 50

BAGHDAD, Oil prices fell sharply on Wednesday as Brent crude hit at $ 50 a barrel, while US crude hit $ 42 on concerns of slowing market growth.

Brent crude for March delivery was $ 50.60, down $ 0.36, or 0.18 percent, down $ 2 on Monday.

US crude was up 42.17 at $ 0.17 or 0.38 per cent, and despite rising, it lost more than $ 3 in the past two days.

Brent fell 11 percent last week, its lowest level since September 2017, while US futures contracts hit their lowest level since July 2017, bringing the contract down to 35 percent .

Markets at all asset levels were under pressure as concerns about growth grew, and investors turned to safe havens like gold and US debt instruments.

Source: National Iraqi News Agency