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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 4% to as low as $66.12 a barrel, its lowest level since 2009.
Meanwhile, West Texas Intermediate crude, the US benchmark, was also extending losses from earlier on Monday, losing more than 3% and cracking $64 a barrel for the first time since 2009.
WTI fell as low as $63.29 a barrel.

And while the decline in oil prices has left many companies in the energy space facing an uncertain future, US consumers appear in-line to be a main beneficiary of the decline in oil prices, as the national average of a gallon of gas as of early Monday morning was $2.67, according to AAA, down from $3.27 a year ago.
Many have talked about the benefits US consumers will enjoy due to the decline in gas prices, with this decline amounting to a huge tax break for consumers.
In a note to clients on Monday, however, Brean Capital's Peter Tchir wrote, "There are too many oil plays — both direct and indirect — that will struggle with low oil. That will leak into the economy and the stock market.
"We are firmly in the camp that this steep, rapid decline in oil is harmful to the economy as we risk losing a driver of good 'trickle down' jobs and serious CapEx."
In a report Friday, Morgan Stanley adjusted its forecasts for oil prices, saying oversupply would most likely peak next year with OPEC deciding not to cut output.
"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," Morgan Stanley analyst Adam Longson told Reuters.
In a meeting on Nov. 27, the oil producers' cartel announced it would not cut its output anytime soon, a move that aims to squeeze US domestic shale production, according to many analysts.
Morgan Stanley now expects prices to drop as low as $43 a barrel in 2015, meaning crude could lose a further $20 in the coming months.
Read more: http://www.*.com/oil-drops-to-five-year-low-2014-12#ixzz3LRiIAdkd