Oil futures knocked to 5 1/2-year low

Oil futures fell Monday, stretching their losing streak to a third session and hitting their lowest levels in more than five years on concerns over a surging U.S. dollar and nagging worries of growing oil supplies.

Sweet crude for delivery in February CLG5, +0.32% fell $2.65, or 5%, to settle at $50.04 a barrel on the New York Mercantile Exchange. Prices traded as low as $49.77 a barrel earlier in the session.

February Brent on London’s ICE Futures exchange LCOG5, +0.32%  declined $3.31, or 5.9%, to end at $53.11 a barrel, the lowest settlement since May 1, 2009. Brent has lost 8.3% over the past three sessions.