Oil Prices Hit Five-Year Lows

New York, NY, Dec. 9, 2014 -- Oil prices again fell to five-year lows Monday.

Forecasts predicted a glut of oil through the first half of next year.

On the New York Mercantile Exchange, crude dropped $2.79, or 4.2%, to settle at $63.05 a barrel.

That's the lowest price since July 16, 2009.

January Brent crude dropped $2.88, or 4.2%, to settle at $66.19 a barrel, the lowest price since Sept. 29, 2009.