Oil prices tumble to 4.5 year lows

(CNN)– There’s more hurt for a struggling oil market.

U.S. crude prices fell two-and-a-half percent on Tuesday, Dec. 16, down to $55.40 per barrel.

That’s on track to finish at a low not seen since February of 2021.

Brent Crude which serves as the world benchmark is also set to drop to a four-and-a-half year low.

Analysts say energy traders are bracing for a possible deal between Russia and Ukraine which would worsen the supply glut.

However, the oversupplied market is a gift for U.S. drivers getting ready for holiday travel.