Oil price extends drop below $50

The price of oil extended its decline on Tuesday with both Brent and U.S. crude oil benchmarks trading at their lowest levels since 2009.

The continued decline follows a plummet in oil prices on Monday, the Wall Street Journal reports.

Monday's drop triggered a major selloff of energy stocks, sending a shock to the stock market. The Dow Jones Industrial Average plunged more than 300 points on Monday.

Tuesday morning, Brent crude dropped to roughly $52 a barrel, its lowest since April 2009.

U.S. crude fluctuated around $49 a barrel on Tuesday.

“Right now, panic seems to rule the place,” Thina M. Saltvedt, a top oil analyst at Nordea Bank Norge, told the Wall Street Journal. “Prices could easily fall to $40 before we see any meaningful improvement.”