“Oil prices took another sharp turn downward on Monday to levels not seen since the depths of the 2009 recession. Several international banks predicted even lower prices later this year because of an oversupplied global crude market,” the New York Times reports.  

“The latest daily downward spiral of more than 5 percent has brought several crude oil benchmarks down by more than 55 percent since June in one of the fastest drops ever for the volatile commodity.”

“The drop came even as Venezuela and Iran coordinated their efforts to persuade OPEC to cut production; Canadian Natural Resources, a major global producer, announced deep investment cuts; and American companies dropped their rig drilling count at quickening speed.”