US oil falls below $60

The price of crude oil in the U.S. fell below $60 for the first time in five years on Thursday.

{mosads}Reuters reports domestic crude plummeted to $59.98 a barrel on Thursday for the first time since 2009.

Traders cautioned that an end to the falling oil price remained elusive, after its continual fall since June, dropping 45 percent from the June high of $107 a barrel.

“For the moment at least, we’re focused on the positives of this oil drop rather than the negatives like deflation and freeze on investments in energy spending,” Phil Flynn, analyst with Price Futures Group in Chicago, told Reuters. “That said, we’re not getting much of a bounce, considering how hard it has been sold off.”