Oil prices tumble to lowest since May, on pace for biggest annual decline in 7 years

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U.S. crude oil on Tuesday hit the lowest level since May, putting prices on pace for the worst performance in seven years as traders factor in a looming surplus and the possiblity of a peace agreement in Ukraine.

West Texas Intermediate

hit $55.69 per barrel while Brent

touched $59.42, the lowest level for the benchmarks since May 5.