Crude Prices Fall Again, Reaching Five Year-Low Thanks To Oil Glut

The price of oil continues its steep decline, reaching a five-year low. West Texas Intermediate crude prices, the U.S. benchmark for oil is down 2.14% at $64.43 per barrel. Brent crude, the worldwide oil benchmark is trading at $67.34 per barrel, down 2.5%. Drops in crude prices translate into lower gasoline prices for the consumer with the national average reaching $2.67 per gallon, according to AAA. Commodities analyst Mike Seery, President of Seery Futures, says crude prices are low due to greater supply and less reliance on Middle East oil. TheStreet's Scott Gamm has details from New York.