Oil closes below $48 a barrel as rout continues

The crude-oil collapse continued unabated Tuesday, with the U.S. benchmark closing below $48 a barrel for the first time since April 2009 as worries over Greek debt were added to a litany of bearish factors, including a global supply glut and a rising U.S. dollar.

On the New York Mercantile Exchange, light, sweet crude for delivery in February CLG5, -0.06%  fell $2.11, or 4.2%, to close at $47.93 a barrel, its lowest finish since April 2009.

Brent crude for February delivery on London’s ICE Futures Exchange LCOG5, -0.45%  fell $2.01, or 3.8%, to $51.10, also its lowest level since April 2009.