U.S. crude fell to $54.09 a barrel after trading at a session low of $53.72, the weakest level since May 4, 2009, when it reached $52.56.
"The trend remains down," said Robin Bieber, technical analyst and director at London-based oil broker PVM Oil Associates. "It is not advised to be long.''
Weakening emerging-market currencies and economies—the drivers of growth in global oil demand—also weighed on prices, analysts said.
At the weekend, the head of Opec reiterated that the oil cartel would not try to shore up the oil price by reducing production.
The comments came a couple of days after the International Energy Agency cut its oil demand forecast for 2015.
While lower oil prices could provide a boost to many economies through cheaper fuel, the sharp drop in the cost of crude is affecting many oil producers.
On Tuesday, Russia dramatically increased its interest rate from 10.5% to 17% in an attempt to halt the slide in the country's currency, the rouble.
The rouble has lost 50% against the US dollar this year as falling oil prices and Western sanctions continue to weigh on the country's economy.
Source/Maame Yaa titi/agooeast.com
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