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.