LONDON: Brent crude oil recovered slightly after falling below $50 a barrel on Wednesday for the first time since May 2009, as traders took stock after a sharp slide since the start of the year.

A growing supply glut and weak global demand have pushed crude down by more than half from a peak above $115 in June last year, with prices down by more than 10 percent so far in 2015.

Benchmark Brent crude futures rose 10 cents to $51.20 by 1314 GMT, having fallen as low as $49.66, a level last seen in May 2009.

“I wouldn’t be surprised if we trundle around the $50 mark for a few sessions as investors consolidate their positions just as they did when prices hit $60,” Sucden analyst Kash Kamal said.

Brent fell in the previous four sessions as stockpiles of oil mount with no signs of a cut in production from OPEC.

US crude futures were up 57 cents to $48.50 a barrel, having fallen to $46.83, their lowest since April 2009.

The slide in oil prices has increased fears of deflation, which has further clouded the demand outlook following a series of weak economic data.

Nobuyuki Nakahara, a former oil executive and ex-member of the Bank of Japan’s policy board, said: “Oil prices are likely to keep falling due to slower Chinese growth and because the years of prices above $100 before the recent plunge were ‘abnormal’ historically,” he said.