Nymex Oil Futures Extend Slide To Close Below $56 a Barrel

Nymex January WTI oil futures fell $1.90, or 3.3%, to close at $55.91 a barrel on Monday, the lowest finish for a nearby futures contract since May 2009. Oil futures have been in a steep decline since midyear attributed to a global supply glut and sluggish demand growth. Over the weekend, OPEC officials indicated they were content to maintain production levels despite an accelerated drop in oil prices.

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