Oil Drops to Five Year Low on Back of Oversupply

Brent crude oil fell nearly four percent, hitting lows not seen since October 2009 as oversupply continues to play havoc with the market.

According to Reuters:

World oil prices slid another 4 percent to new five-year lows on Monday, as expectations of a deeper slump next year and a prediction by a core OPEC member that crude will remain at $65 for several months triggered another round of selling.

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