Oil Crashed To A 5-Year Low Overnight

The oil price crashed to a new low this morning.

At the time of writing, Brent was 2.08% down on Monday and is currently being traded at $US67.74. In earlier trading it hit $US67.44, a new record low not seen since 2009.

US benchmark WTI Crude is in similar shape, losing 1.75% of its value on Monday falling to just below $US65 a barrel.

The chart below shows the devaluation of oil since it hit a record high in June this year. Brent fell from $US115 to its current $US67, a drop of around 40%.

On Monday, Morgan Stanley adjusted its forecasts for oil prices, saying saying oversupply will likely peak next year with OPEC deciding not to cut output.

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