Crude oil plunged below $50 a barrel Monday, stung by mounting global supplies and a strong U.S. dollar.

Commodities are tanking in July amid speculation that the Federal Reserve will soon raise interest rates.

Meanwhile, Iran oil is expected to generate even larger crude supplies.

Nymex August oil closed down 74 cents, or 1.5 percent, to settle at $50.15 a barrel, having briefly slipped below $50.

The material has been provided by InstaForex Company – www.instaforex.com