Down goes oil.

Prices plummeted today – to the lowest close in over four and a half years.

In New York, the January crude oil contract dropped $7.54 to $66.15 U.s.

Prices have been slipping steadily since mid summer, with an easing of geopolitical concerns.

And a glut of supply has pushed prices down around 33 per cent from highs of the year, largely because of oversupply.

Pressure began to accelerate yesterday after the O-PEC oil cartel decided to keep its daily production unchanged at 30-million barrels.

The dramatic drop in oil has ignited a selloff of energy companies on the Toronto stock market – with the T-S-X energy sector falling about 14 per cent this week.