Crude Oil Is Crashing Again

It is a new week, and crude oil is making new lows. 

Near 2:45 pm ET on Monday, West Texas Intermediate crude prices were moving back towards their lows hit earlier this morning.

On Monday afternoon, WTI prices were down almost 5% on Monday to as low as $US45.96 a barrel. Earlier on Monday, WTI broke $US47 and was making new lows before busting through another milestone price.

Brent crude prices, the international benchmark, were taking an even bigger hit on a percentage basis on Monday, falling more than 5% to as low as $US48.51 a barrel. 

The latest drop in crude on Monday morning comes after a research note from Goldman Sachs saw the firm put a six-month price target on WTI of $US39 a barrel.

Last week, US stocks lost ground in the first full trading week of 2015 as oil was again a loser on the week. On Monday morning, stocks were falling again

Here’s the latest leg lower in WTI. 

While Brent also takes it on the chin.

NOW WATCH: 11 Facts That Show How Different Russia Is From The Rest Of The World

 

 

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.