The U.S. crude benchmark slumped to a five-year low on Friday, as shown in the included chart. It settled at $65.84 a barrel — its lowest level since July 2009, back when the U.S. economy was far from recovering from the Great Recession.
WTI has tumbled 33% in the year to date, and it’s off 55% from its record high of $145.29 hit in July 2008, according to the markets data group at Dow Jones.
The European oil benchmark on Friday also settled at its lowest level in more than five years, with Brent crude for January delivery ending at $69.07 a barrel. That was the lowest settlement for a front-month contract since October 2009, and Brent is down 38% in the year to date.