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Crude Oil Plummets Below $49 On Euro Zone Worries, Supply Glut

Crude oil prices continued to plunge Tuesday morning, falling to the lowest in more than five years amid a stronger dollar and renewed concerns about the future of the euro zone.

Toss in the fact that oil markets are oversupplied and crude prices will likely drop near $40 by months end, some analysts say.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February fell $1.39, or 3 percent, to $48.47 a barrel in the Globex electronic session.

Crude oil prices have plumetted from above $100 just this summer. Meanwhile, U.S. gasoline prices have fallen for 102 straight days, with the national average for a gallon of gas down to $2.18, according to GasBuddy.com.

The world's major oil suppliers show no signs of cutting production anytime soon, with Saudi Arabia and others willing to sweat out smaller rivals who cannot cope with $40-$50 oil for very long.

U.S. stocks suffered their worst drop in more than three months yesterday, and markets remain on edge this morning on speculation about probable exit of Greece from the Euro region.

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