One of the world’s major oil contracts, New York’s WTI, slumped under $50 per barrel, reaching the lowest level in nearly 14 months-AFP

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.