Crude-oil prices again tumbled to five-year lows Monday, pressured by forecasts that a global glut of oil will persist into the first half of next year.On the New York Mercantile Exchange, crude futures for January delivery CLF5, -0.78% dropped $2.79, or 4.2%, to settle at $63.05 a barrel.
January Brent crude on London’s ICE Futures exchange LCOF5, -1.04% dropped $2.88, or 4.2%, to settle at $66.19 a barrel. The European benchmark suffered the lowest settlement for a front-month contract since Sept. 29, 2009.
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