Oil prices strike five-year lows, weighing on energy stocks

Oil futures tumbled to their lowest levels for five years, extending last week's sharp sell-off in response to OPEC's decision to maintain output despite a supply glut and plunging prices.

US benchmark West Texas Intermediate (WTI) for delivery in January hit $63.72 a barrel -- the lowest level since July 2009.

Brent crude for January sank to an October 2009 low of $67.53.

"Investors see crude as remaining vulnerable after last week's OPEC announcement," said Michael McCarthy, chief strategist at traders CMC Markets in Sydney.

"We have not yet seen any piece of news or development that could trigger a bottoming-out phase in oil prices," he told AFP .... https://uk.finance.yahoo.com