Oil Falls To New Six-Year Low

Oil is plunging on Monday morning, dragged down by mixed data from the Asian markets, and overproduction in the OPEC countries.

At 8.45 a.m. GMT (3.45 a.m. EST), Brent was trading at $49.98, losing 2.57% from its previous value.

Earlier today, it had gone down to $48.68, the lowest figure since April 2009.

Last week Brent had already fallen below $50, before slightly fighting back above that value.

Here is a chart of Brent today:

WTI Crude was also falling: at 8.49 a.m. GMT (3.49 a.m. EST), Crude Oil was trading at $47.33, losing 2.13%.

So far, it has already been a terrible 2015 for oil futures.

According to the Financial Times, there will be an overproduction of between 1 million and 2 million barrels in the first half of 2015.

Here is a chart of Brent's performance in these first ten days of 2015: