Reuters | Oil hits new post-2009 low below $56 as supply glut prevails Reuters Brent has slumped to its lowest in more than five years, as top exporter Saudi Arabia and other large Gulf producers have declined to cut production in the face of fast-growing U.S. shale oil output, despite pleas from other members in the Organization ... Oil prices higher as 2015 gets underway Oil reverses early gains, trades near $56 Oil Trades at 5 1/2-Year Low After Russia, Iraq Boost Supplies |