Oil at a 5 year low

Oil extended losses below $50 a barrel amid speculation that US inventories will expand, deepening a global supply glut that's driven prices to a five-year low. Futures declined for a fourth day . Oil slumped almost 50% in 2014, the most since the 2008 financial crisis, after the Organization of Petroleum Exporting Countries (OPEC) resisted calls to cut output as it competes with US producers. The market faces “more problems“ this year, according to Morgan Stanley , with surging output in Russia and Iraq contributing to a surplus that Qatar estimates at 2 million barrels a day .
US crude inventories probably increased to 386.2 million barrels in the week ended January 2. Inventories of crude and gasoline were at their highest seasonal level since EIA weekly data started.
The euro weakened against the dollar amid speculation the European Central Bank has moved closer to large-scale sovereign-bond purchases and as the Federal Reserve weighs raising interest rates.
US output climbed to 9.14 million barrels a day through December 12, the highest in weekly estimates that started in January 1983, according to the EIA. OPEC's 12 members, which supply about 40% of the world's oil, pumped 30.24 million a day in December, exceeding their collective target of 30 million for a seventh straight month.