U.S. crude oil fell to a fresh five-year low on Monday, starting December on a downbeat after November marked the fifth consecutive month of decline – oil's longest losing streak since 2008 – and charts suggest further downside ahead.
A strong U.S. dollar, increased U.S. production and weak demand have driven global oil prices to multi-year lows over the past few months. Last week, the Organization of Petroleum Exporting Countries decided not to cut oil output, fueling further price declines.
Developments in the Ukraine still have the potential to affect oil and energy supplies in Europe, but the market has essentially discounted this unless there is a dramatic escalation of the conflict.
Read MoreCan oil fall all the way to $40?
When we last covered oil on October 6, we set a downside target near $78. This target has been exceeded. Speaking on CNBC Street Signs in November, we set a new downside target for oil at $68, which has also been exceeded. The new downside target is near $58.