Oil Crashes

Monday, December 8, 2014
By Paul Martin

Stefano Pozzebon and Myles Udland
Dec. 8, 2014

Crude oil is crashing again.

On Monday morning, the price of both Brent and WTI crude was at a five-year low, extending losses that started accelerating about two weeks ago after OPEC did not move to curb production.

Many in the market expected OPEC to cut production in order to combat the recent price decline that many have blamed on a glut of global supply.

On Monday, Brent crude was down more than 3.4% to $66.70, its lowest level since 2009.

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