Brent crude for January delivery dipped as low as $65.29, the lowest point since September 2009, according to Reuters. Brent recovered to $66.18 at 10:14 a.m., according to CNBC.
The rebound occurred as some oil buyers returned in the hopes that prices had bottomed after a 40% plunge since June, according to Reuters.
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Brent crude fell more than 4% to a session low of $65.93 a barrel on Monday, its lowest point since October 2009. WTI Crude also dropped below $63 for the first time since July 2009.
The price drop occurred after Morgan Stanley reduced its 2015 forecast for Brent crude in a research note issued late Friday. The firm said Brent could drop to as low as $53 a barrel next year, although it forecast a base case scenario of $70. Morgan Stanley had previously expected $98 a barrel.
"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015. Prices are set up to fall in the first half of 2015," the firm wrote.
Southwest Airlines surged Monday after the company estimated that November passenger revenue per available seat mile, or PRASM, climbed 4% to 5% compared to the same month last year. Southwest also forecast that PRASM in the fourth quarter would rise between 1% and 2% year-over-year.