New year‚ same situation.
Global crude prices plummeted to their lowest levels since the spring of 2009 on Monday‚ as concerns of oversupplies deepen.
U.S. benchmark West Texas Intermediate fell five percent to finish as just over 50 dollars per barrel on the New York Mercantile Exchange.
It even dipped BELOW the symbolic threshold of 50 dollars at one point -- a level unseen since April 2009.
Benchmark Brent crude also shed about six percent to around 53 dollars a barrel.
The latest dip in oil prices also sent shock waves to global stock markets.
The Dow Jones industrial average fell more than 330 points‚ or 1.9 percent‚ as investors broadly sold off energy stocks.
The S&P 500 shed 1.8 percent.
Crude prices have been on a downward spiral since June‚ losing more than half their value.
Investors fear that the global supply glut coupled with weak demand could push prices down further.
OPEC countries have only shown a stronger resolve to raise production‚ in a fight to protect their global market share against shale production in the U.S.
Recent data also shows that Russian oil outputs have hit post-Soviet records‚ while Iraqi exports are at their highest since the 1980s.
Kim Min-ji‚ Arirang News. Reporter :