The price of U.S. crude oil fell to a new low of $55.91 per barrel on Monday, the lowest since May of 2009.
The fresh low came amid refusals by the Organization of Petroleum Exporting Countries to cut production and after a United Arab Emirates oil official decided to not hold an emergency meeting, Reuters reports.
"You have all these OPEC officials reiterating they are not going to cut production, so you are seeing selling into the rallies," Phil Flynn, analyst at Price Futures Group in Chicago, told Reuters on Monday.
The recent drop in oil price has also sent the price of gas at the pump to new lows.
Federal officials recently said to expect the drop to continue but that the U.S. oil boom would not be dramatically injured.