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Oil Prices Hit Fresh 5-Year Lows

With prices at more than five-year lows, Brent oil extended losses into a fourth session today as continuing worries about a global supply glut offset concerns about output disruptions in Libya. Brent crude plunged to its lowest level since May 15, 2009 in overnight floor trade, and is now down 0.7% at $57.49. Yesterday, Nymex crude also settled at its lowest value since May 2009, losing over 50% since it touched a 52-week high of $107.26 in June.

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