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Oil prices have hit the lowest price in five years due to an oversaturated market, according to a report by Reuters.
On Monday Brent crude prices dropped $2.30/barrel to $66.77, the lowest point since October 2009. Additionally, U.S. crude prices came in at $64.60 per barrel and West Texas Intermediate at $63.72 (the lowest since July 2009). This year alone, prices have fallen approximately 40% overall.
If the oil markets remain as active as it has in recent months, prices will likely continue to fall.
The industry has already begun to feel the heat of lower-than-expected oil prices. Numerous operators are making substantial cuts to 2015 capital budgets (see: 2015 E&P Budgets and Drilling Programs: Cuts and Increases).
Additionally, BP plc has announced that it plans to cut ‘hundreds’ of jobs as a result of the slump.