The price of international Brent crude dipped below $59 a barrel on Tuesday, hitting its lowest level since 2009.
Brent fell to $59.20 in early trading in New York but then continued to a 5-year low of $58.41 on Tuesday, Reuters reports.
{mosads}U.S. crude oil was down early Tuesday to $54.16 a barrel.
The trend appears to be continuing downward since first starting the decline in June.
In a survey conducted by Bloomberg of 17 analysts, crude oil prices are set to fall more.
Analysts said Brent will fall as low as $50 a barrel in 2015, according to Bloomberg.