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Oil Just Crashed To A 5-Year Low

Stefano PozzebonDec 8, 2014, 17:02 IST

The oil price crashed to a new low this morning.

At the time of writing Brent was 2.08% down on Monday and is currently being traded at $67.74. In earlier trading it hit $67.44, a new record low not seen since 2009.

Investing.com

US benchmark WTI Crude is in similar shape, losing 1.75% of its value on Monday falling to just below $65 a barrel.

Investing.com

The chart below shows the devaluation of oil since it hit a record high in June this year. Brent fell from $115 to its current $67, a drop of around 40%.

Investing.com

On Monday, Morgan Stanley adjusted its forecasts for oil prices, saying saying oversupply will likely peak next year with OPEC deciding not to cut output.