Oil prices see quickest 50% drop from top in 8 years

Crude-oil futures have now plunged 50% from their 2014 high, as prices swung lower again on Monday.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, -0.41% fell $1.12, or 2%, to settle at $53.61 a barrel, after an early rally on reports of a fire affecting oil-storage terminals in Libya collapsed. That’s the lowest settlement since May 1, 2009. Earlier, the February contract traded as high as $55.74, or 1.8% higher than Friday’s settlement.