Oil prices hit six-year low

Oil prices Monday dropped to their lowest level in over six years as global stock markets continue to reel from steep declines.

West Texas Intermediate, the U.S. benchmark, landed at $38 a barrel, a 5 percent drop that propelled energy stocks further downward. Exxon Mobil stock declined 5 percent following the news; shares in Texas-based Pioneer Natural Resources dropped to $111.13, nearly half their value compared to a year earlier.

According to an analysis from a global oil researcher with firm Wood Mackenzie, oversupply is a situation worldwide and concerns about the global economy make a recovery in oil unlikely this year.

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