Oil dropped below $50 a barrel on Tuesday to the lowest price in more than a month, extending a $6 slide from recent peaks as the U.S. presidential election got under way. Rising U.S. crude stockpiles, signs of a slowdown in global economic growth and speculation that an election victory for Senator John Kerry could prove bearish for oil have triggered the 11 percent decline from last Monday's record. U.S. crude closed down 53 cents at $49.60, the lowest close since Sept. 29 and the first close under $50 since Oct. 4. London Brent crude was off 56 cents at $46.50 a barrel after sliding almost $2 Monday. U.S. crude inventories are expected to rise again in weekly government data due out Wednesday. A Reuters poll forecast crude stocks will rise 2.2 million barrels but projected a modest 600,000 barrel decline in distillates, including heating oil. Signs of slowing growth and falling economic indicators in the U.S., China and Europe are also weighing on oil prices. Lower growth would cut into oil demand. --More 0004 Local Time 2104 GMT
