Oil Prices Are Plunging Even Lower

Oil prices are tumbling to new lows again Monday.

Brent crude is down another 1.38%, to just $69.2 per barrel. During trading, the price fell as low as $68, highlighting the amazing drop in prices: Brent crude was trading for more than $100 per barrel as recently as the end of August.

WTI, the other major oil price benchmark, is down 0.63% to just $65.73.

Here's what the WTI price looks like in historical context:

The price has now passed below lows recorded in 2012, 2011 and 2010, and it's back to a level last seen in mid-2009, five and a half years ago.

There's no end in sight to the drop after the OPEC cartel of oil-producing nationa failed to agree a production cut last week.