The price of Brent Crude has plunged to $67.35 a barrel, its lowest since the midst of the financial crisis in October 2009.
The benchmark oil price fell almost $2 a barrel, or 2.5 per cent, hitting a new five-year low and surpassing its previous nadir on 1 December, as prices continue to tumble after the Opec group of oil producing companies agreed not to curb oil production.
Morgan Stanley late last week slashed its 2015 base-forecast for Brent to $70 a barrel, from $98 a barrel. It also cut its 2016 expectations to $88 a barrel, from the previous forecast of $102 a barrel. At worst it could fall as low as $43 a barrel in the second quarter next year.
"Without Opec intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," said the investment bank in a note.
This is what Brent Crude looks like so far today.
And over the past 12 months, it's not a pretty picture either.