Crude Continues Lower Following Robust Dec. Output Data from Russia, Iraq (OIL) (USO)

Crude prices have continued to tumble today, reaching a new 5.5 year low in the process.

The latest market data has WTI crude down $0.16 to $52.53 per barrel, while Brent crude for February delivery is down $1.08 to $56.25 per barrel on the Comex. Prices are the lowest since May 2009.

Oil's continued decline comes as output from Russia and Iraq rose to multi-year highs in December, while economic data showed eurozone manufacturing expanding at a slower pace than originally expected last month. Russian output rose 0.3 percent to 10.667 million barrels per day (bpd), while Iraq exported 2.94 million bpd, its best since the 1980s.

OPEC's production fell 122,000 bpd from November to 30.24 million bpd last month. The group's target is 30 million bpd.

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