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Crude Oil Is Crashing Again

Myles UdlandJan 12, 2015, 18:42 IST

Good morning!

It is a new week and crude oil is making new lows.

Near 8:10 am ET on Monday morning, the price of West Texas Intermediate crude oil was down more than 3% to below $47 a barrel, hitting as low as $46.77 as WTI closes in on another multi-year low.

The latest drop in crude on Monday morning comes after a research note from Goldman Sachs saw the firm put a 6-month price target on WTI of $39 a barrel.

Last week, US stocks lost ground in the first full trading week of 2015 as oil was again a loser on the week.

Here's the latest leg lower in crude.