Crude futures hit low after recent gains

Crude oil futures reached a two-month low on fears that demand could slow down in the face of larger inventories and lagging economic growth.

In New York, West Texas Intermediate crude went as low as $49.05 per barrel in early trading before recovering to $49.70 per barrel at midday and to just above $50 by mid-afternoon.

Prices have fallen five out of the past six trading sessions. One analyst said that the current downturn in crude oil prices was simply a correction after recent gains, and that prices are not likely to fall much lower. London markets were closed on Monday.