Crude oil is falling to new lows.
On Monday morning in New York, West Texas Intermediate crude fell more than 2% and slipped below $US45 per barrel, a level it hasn’t touched since March.
Brent crude oil, the international benchmark, was down more than 3% at around $US50.47 per barrel.
The declines come after an ugly month across commodities. Specifically, in July, oil prices fell 21% in the worst monthly decline since October 2008.
It continues to be a story of oversupply. On Friday, a Reuters survey showed that the 12-member oil cartel OPEC pushed production to the highest monthly level in recent history.
Here’s a chart showing the slump in WTI on Monday: