REUTERS
The futures price for Brent crude oil on Monday dropped to $57.62 per barrel, a fall of more than 3% to a new five-year low, according to the BBC’s Ukrainian Service.
The price of WTI crude oil fell by 3.22%, to $52.97 per barrel.
The price of oil has been falling sharply because of news of possible supplies coming online from oil fields in the Gulf of Mexico and the United States.