Brent crude and West Texas Intermediate are trading lower today hitting new lows. WTI slid to USD52.70 in today's trading, the lowest since May 2009 and Crude traded at 5-1/2-year lows as U.S. stockpiles are projected to remain at 387 million barrel, the highest for the period since 1982 and a global supply glut overweighs worries about Libya's supply problems.

Oil has slumped about 22 percent since OPEC decided against cutting its production target last month in a fight for market share against U.S. shale drillers. Prices have tumbled almost by 46% this year, the largest annual decline since 2008, amid surging production and slower-than-expected demand growth. Output in the U.S. is the highest in three decades.

Brent Crude declined by -0.74%, currently trading at USD57.45 a barrel. West Texas Intermediate lost -0.65% currently quoted at USD53.26.