Oil Dips Under $50 on Recession Fears

By PABLO GORONDI

Oil prices plunged over $3 Thursday, briefly dipping below $50 a barrel as the highest U.S. unemployment figures in 16 years and plummeting stock markets caused investors to price in lower crude demand.

Light, sweet crude for December delivery was down $3.25 to $50.37 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Europe.

Crude briefly dipped below $50 for the first time since Jan. 18, 2007, when prices struck $49.91, just a penny above the 2007 low. ...