Heavy selling pushed Brent crude oil futures to their first close below $50 in six months on Monday and traders say worries about global demand have now been added to the list of factors driving oil prices lower. The market had previously focused on factors such as oversupply and speculators abandoning their bets on rising prices. With Brent--the global oil benchmark--settling at $49.52 per barrel for a loss of $2.69, technical analysts warn that $48 is the next support, followed by $45. If those levels are breached, losses could accelerate and take Brent below $40, according to a reading of the technical charts. A big battle is expected around Brent's January low of $46.59.
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