by Calculated Risk on 1/05/2015 11:41:00 AM

From Business Insider: Oil Keeps Falling

US crude and Brent futures dropped to fresh 5-1/2-year lows Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets.

At 4.20pm GMT (11.20 am ET), West Texas Intermediate crude was trading at $50.30 a barrel, a decline of more than 4.5% from Friday's close to the lowest level since April 2009.

Brent crude, the international benchmark, was also down more than 5% to below $54 a barrel, the lowest price since May 2009.

Note: For why prices are falling, see A Comment on Oil Prices and Question #7 for 2015: What about oil prices in 2015?

Click on graph for larger image

This graph shows WTI and Brent spot oil prices from the EIA. (Prices today added).

According to Bloomberg, WTI has fallen 4.5% today to $50.31 per barrel, and Brent to $53.33.

Oil prices are off  about 53% from the peak last year, and if this price decline holds, there should be further declines in gasoline prices over the next couple of weeks.  Nationally gasoline prices are around $2,18 per gallon, and gasoline futures are down about 6 cents per gallon today.