The price of oil started the first full week of 2015 the way it ended the previous year: heading downwards with analysts from two different investment banks weighing on the commodity by cutting yearly forecasts.
U.S. crude fell about $2 to $50.64, after sliding to a session low of $50.40 a barrel, its weakest price since April 30, 2009, while Brent crude for February delivery was trading at $53.41 a barrel, losing $2.77. Both benchmarks hit fresh 5½-year lows on Monday.
A surplus of global supplies was at the forefront of many traders' minds, with many returning from a two-week festive break on Monday. Reuters reported new Russian data and comments from an Iranian official that further highlighted the current glut in the markets. However, it was an analyst note from Citi that set the tone for the week, signaling "trouble ahead in 2015."