April 18, 2005 2:30 PM, EDT

Crude Oil Prices Dip Below $50 Before Rebounding

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rude oil prices hit a two-month low, falling under $50 a barrel in overnight trading before rebounding slightly, Bloomberg reported Monday.

Crude oil prices, which generally lead to lower retail pump prices, fell from a record $58.28 a barrel April 4 to close at $50.35 on the New York Mercantile Exchange, Bloomberg reported.

Benchmark light sweet crude oil futures had fallen to $49.66 Monday, the lowest price since Feb. 22, Bloomberg said.

The drops, which continued a trend from last week, followed OPEC pledges to pump another half-million barrels a day, Bloomberg reported.

In London, Brent North Sea crude oil prices also fell Monday, dropping $1.09 to $50.52 on the International Petroleum Exchange, Bloomberg reported.