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Oil Prices Fall to New 5-Year Low
Crude oil prices fell another 4% on Monday, accelerating a decline that began six months ago.
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Crude oil prices fell another 4% on Monday, accelerating a decline that began six months ago.
The two benchmark measures, West Texas Intermediate and Brent crude, fell to $63.06 and $66.10 per barrel yesterday. West Texas prices were at about $107 in June.
Analysts say the slide isn't over. One estimates that oil futures will remain below $70 until 2017. USA Today notes that the slump has hit the oil and energy industry hard, with shares of some companies plunging as much as 90% from their 52-week highs.
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