West Texas Intermediate crude oil just broke $US50 for the first time since April 2009.
In late morning trade on Monday, WTI briefly cracked $US50, falling to as low as $US49.95 for the first time in more than five-and-a-half years.
Brent crude oil, used as the international benchmark, also cracked $US53 a barrel, a new multi-year low.
On Monday alone, WTI crude prices are down nearly 5% as crude cannot seem to find a bottom after declining about 25% in December.
From its highs hit back in June 2014, WTI is now down more than 50% as crude has been in a bear market for the last several months.
As markets wrapped up the year of trading last week, we highlighted the one year chart of WTI, which is just a stunner.
And oil has only gone lower in the trading days since then.
More to come …