Crude Fails to Find Solid Ground Amid Record Russian Output, Eurozone Fears (USO) (OIL)

Crude is ticking lower once again Monday as the post-holiday lull snaps.

WTI crude fell below the $50 level for the first time since April 2009, while Brent moved below $55 on today's trading session, its lowest level since May 2009.

The move continues from a months-long selloff. Last week, it was noted that output from Russia is at a post-Soviet-era high and OPEC plans to increase crude exports to a record this month. Iraq also plans to export roughly 3.3 million barrels of oil per day this month, up from 2.94 million bpd in December.

Additionally, investors are fearful of the Greek presidential election later in January, which could signal an exit from the eurozone for the country.

WTI crude for February delivery last clicked down to $50.37 per barrel on the Comex, down $2.32 for the session.

On watch today include the iPath Dow Jones-Goldman Sachs Crude Oil Fund (NYSE: OIL) and the United States Oil Fund (NYSE: USO).

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