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 …

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