The Dow Jones Industrial Average has lost over 300 points as the US crude oil prices briefly dipped below $50 per barrel thrashing energy stocks on Monday.
US energy stocks dropped sharply on Monday as West Texas Intermediate (WTI) fell below $50 per barrel for the first time since 2009. Brent crude oil has tumbled to $53 at the New York Mercantile Exchange (NYMEX).
WTI crude February futures fell by nearly 5 percent briefly falling to $49.95 a barrel in New York on Monday morning. It’s the lowest in more than five and a half years.
Brent crude hit its multi-year low dropping to $52.90 a barrel. Brent February futures fell by over 6 percent.
More details to follow…