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London oil prices have slipped below $50 a barrel for the first time since May 2005

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BREAKING NEWS

2:11pm UK, Thursday November 20, 2008

The fall in the cost of Brent crude will boost motorists’ hopes of even lower petrol prices.

Traders have been predicting for some time the economic downturn will hit demand.

Light, sweet crude on the New York Mercantile Exchange – the benchmark price – fell to $52.70 a barrel in Asian trading.

Analysts said they expected it to follow London and hit the $50 mark “sooner rather than later”.

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