WTI for January delivery settled down $1.90, or 3.3%, to $55.91 a barrel on the New York Mercantile Exchange, the lowest level since May 5, 2009.
Brent, the global benchmark, fell 79 cents, or 1.3%, to $61.06 a barrel on ICE Futures Europe, the lowest settlement since July 2009.
Oil prices have been sliding for months and continue to decline near the year's end as OPEC pledged to maintain production despite a global oversupply. The organization has said cutting output would have little effect on price and would only lead to a surrender of some market share, according to CNBC.
Additionally, Goldman Sachs resumed coverage on the company today with a "sell" rating and a price target of $71.
"We rate OXY shares Sell for three reasons. [First,] we see rising capital intensity as OXY seems relatively early in delineating its Permian position, contributing to lower returns. [Second,] historically, OXY has seen below-average Permian well performance despite what appears to be good acreage, and we see an inflection taking time," analysts said.
Last, "OXY retains a premium valuation vs. its history and vs. peers which we do not view as justified given weakening fundamentals (growth, returns, FCF, dividend growth)," analysts noted.