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Oil fell below $50 a barrel for the first time in over a year
(CNN) -- US crude oil briefly fell below $50 a barrel early Thursday for the first time in more than a year before rebounding on a report that Russia might be willing to cut its output. Oil's recent slide has shaved more than a third off its price. Crude fell more than 1% Thursday to as low as $49.41 a barrel. The last time oil closed below $50 was in October 4, 2017. By mid morning the price had climbed back to above $51.