Oil hits fresh five-and-a-half-year lows

Oil hits fresh five-and-a-half-year lows
Jan 5 2015, 01:44 ET | By: Yoel Minkoff, SA News Editor

• Extending the drop from its lowest close since 2009, oil is again on the decline. Record Russian production and the highest Iraqi exports since 1980 are adding to the concerns of oversupply.
• Brent crude is down 1.5% at $55.58/bbl. WTI is down 2% at $51.64.
• The two oil benchmarks have now lost more than half of their value from peaks hit in mid-2014.