WTI falls to near $10 per barrel

 Crude oil prices crashed again Monday, dropping prices to lowest levels in decades.

By 8:30 a.m., May futures for West Texas intermediate crude had fallen by $7.74 per barrel to $10.45.

In contrast, on Friday, Chevron was paying $16.02 per barrel for Midway-Sunset Crude and $20.07 for Buena Vista Crude.

Oil prices have fallen by about 80 percent since January.

All price gains that resulted from an announcement from OPEC in early April to cut production by 9.7 million barrels per day have been erased.

CNBC reported that analysts think oil demand will still be too low for the cut to have a major impact.