Oil finishes under $60, a fresh 5-year low

Oil prices slumped further Thursday, with the U.S. crude benchmark settling under $60 a barrel for the first time in more than five years.

On the New York Mercantile Exchange, light, sweet crude for delivery in January CLF5, -1.03%  fell 99 cents, or 1.6%, to settle at $59.95 a barrel. That marked the lowest settlement since July 14, 2009 for a front-month contract. The U.S. oil benchmark has dropped 44% from its June 20 high.

January Brent crude LCOF5, -0.28% slid 56 cents, or 0.9%, to settle at $63.68 a barrel on London’s ICE Futures exchange. The European oil benchmark finished at its lowest level since July 16, 2009.