Oil dives 4.2%, hits new 5-year low on oversupply worry

Crude-oil prices again tumbled to five-year lows Monday, pressured by forecasts that a global glut of oil will persist into the first half of next year.

On the New York Mercantile Exchange, crude futures for January delivery CLF5, -0.95%  dropped $2.79, or 4.2%, to settle at $63.05 a barrel. The U.S. oil benchmark logged the lowest settlement for a front-month contract since July 16, 2009, sliding further just one session after ending at levels last seen on July 29, 2009.