Oil Market Update

Oil futures plunged Monday, with the U.S. benchmark trading below the $46-a-barrel threshold for the first time in nearly six years after Goldman Sachs cut its crude outlook, predicting prices will remain low for a lengthy period.

West Texas Intermediate crude oil for February delivery CLG5, -1.58%  fell $2.29, or 4.7%, to close at $46.07 a barrel after trading as low as $45.90. The close was the lowest since April 2009. The move followed a 0.9% loss during Friday’s regular session on the New York Mercantile Exchange. WTI futures are down more than 57% from a June 2014 high of $107.26 a barrel.

Meanwhile, Brent North Sea crude oil for February LCOG5, -5.81% the global benchmark, lost $2.68, or 5.4%, to $47.43 a barrel, its lowest finish since March 2009.

Palladium Market Update

Elsewhere in metals trading, palladium for March delivery PAH5, -0.59% rose $1.70 to $801.85 an ounce, while April platinum PLJ5, +0.00%  gained $3.60 to $1,233.70 an ounce.

High-grade copper for March delivery HGH5, -0.61%  held steady at $2.75 a pound.

Gold Market Update

Gold prices rallied on Monday, adding on to last week’s 2.5% advance as the volatility that has gripped the stock markets showed no sign of calming.

By midday in East Asia, gold for February delivery GCG5, +0.21%  was higher by $10.60, or 0.9%, at $1,226.70 an ounce, while March silver SIH5, +1.15% climbed 16 cents, or 1%, to $16.58 an ounce.