Published January 6, 2015 2:45pm EST | Updated January 8, 2015 3:09pm EST

Nymex Oil Futures Close Below $48 a Barrel

Nymex oil futures extended their slide Tuesday, with the February contract dropping $2.11, or 4.2%, to close at $47.93 a barrel. Worries over Greece's upcoming snap elections, a strengthening U.S. dollar and a global glut of oil have kept pressure on the crude, which fell 46% in 2015 and has dropped by another 9.7% in the first three trading days of the new year.