Oil Prices Hit Lowest Levels Since May 2009

New York, NY, Dec. 30, 2014 — West Texas Intermediate for February delivery fell as much as $0.91 to $52.70 a barrel today on the New York Mercantile Exchange, the lowest since May 2009.

Brent for February settlement fell as much as $1.14 to $56.74 a barrel on the London-based ICE Futures Europe exchange.

That was also the lowest since May 2009. It dropped $1.57 to $57.88 yesterday.

U.S. production through fracking plus higher-than-target production by OPEC are being blamed for an oil glut, which is driving prices lower.