Oil prices went down as much as 6 percent on Monday, making it the lowest oil has been since spring 2009.

Reuters reported global oil markets are continuing to fall in the New Year, and U.S. crude oil dropped below $50 a barrel. Benchmark Brent fell under $53 a barrel after Russian oil hit higher peaks and Iraqi oil exports hit almost 35-year peaks.

Saudi Arabia cut monthly oil prices for European buyers, marking the sixth time it has slashed prices since June.

The Organization of the Petroleum Exporting Countries cut prices for U.S. refiners but raised the price for Asia.

"There's no doubt that we have a combination of supplies hitting their zenith at a time when demand is weakening," said Phil Flynn, an analyst at Price Futures Group in Chicago.

While oil prices stumble, the Russian ruble fell more than 4 percent Tuesday, the Moscow Times reported.

"USD/RUB in the current circumstances is in a most dangerous position, especially since the majority of Russian traders have yet to return from the New Year holidays," Forex Club senior analyst Alena Afanasyeva wrote in a note. "That means in the coming days we expect sharp movements in response to the dynamics of U.S. dollar to other pairs, and the movement of Brent oil, which continues to hit new 'anti-records' since the beginning of 2015."

Since June, oil has dropped nearly 55 percent in value, according to Reuters.

If inventory numbers for the U.S. show another supply build on Wednesday, traders predict that the country will trade in the $40 region.

"We're headed for a four-handle," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow in New York. "Maybe not today, but I'm sure when you get the inventory numbers that come out this week, we definitely will."

Oil in Libya has fallen as well amidst conflict in the country.