NEW YORK (MarketWatch) — Oil prices slumped further Thursday, with the U.S. crude benchmark settling under $60 a barrel for the first time in more than five years.

Hopes for stimulus from global central banks and strong U.S. data initially kept oil above $60, but then sellers showed they aren’t done yet.

On the New York Mercantile Exchange, light, sweet crude for delivery in January CLF25, fell 99 cents, or 1.6%, to settle at $59.95 a barrel. That marked the lowest settlement since July 14, 2009 for a front-month contract. The U.S. oil benchmark has dropped 44% from its June 20 high.

January Brent crude UK:LCOF5 slid 56 cents, or 0.9%, to settle at $63.68 a barrel on London’s ICE Futures exchange. The European oil benchmark finished at its lowest level since July 16, 2009.

Before the U.S. oil benchmark fell under $60, Flynn said that if crude were to drop below that key level, then $55, $50 and even $40 are possibilities.

“The market is showing some stability but not really giving us the sense this thing is all over,” he said. See: This global map of oil production says a lot about the commodity’s plunge.

On Wednesday, the Organization of the Petroleum Exporting Countries announced it sees less demand for its own oil next year.

Reporters managing to snag Saudi Oil Minister Ali al-Naimi on the sidelines of an annual U.N. climate-change conference in Lima, Peru, on Wednesday were treated to this quote: “Why should we cut production? Why?” He had been asked whether he thought OPEC would need to cut oil production prior to the cartel’s next meeting in June.

Al-Naimi’s comments again underscored Saudi Arabia’s intent to target market share, and not defend prices “in any way,” said Matt Smith, an analyst with Schneider Electric.

The comments were a blow to an already weak market. See: Here are the real reasons oil just plunged to $59.

Elsewhere in energy trading on Thursday, gasoline for January delivery US:RBF5 fell nearly 2 cents, or 1.1%, to finish at $1.6244 a gallon, a fresh five-year low. See: The states were retail gasoline will drop below $2.

Nymex January heating oil US:HOF5 bucked the trend to gain 1.5 cent, or 0.7%, to end at $2.0614 a gallon. Heating oil on Wednesday hit its lowest finish since September 2010.

January natural gas US:NGF15 fell 7 cents, or 1.9%, to $3.6340 per million British thermal units. That snapped a two-session winning streak.

Earlier Thursday, the U.S. Energy Information Administration reported that U.S. supplies of natural gas had declined 51 billion cubic feet in the week ended Dec. 5. Analysts had expected a decline around 45 bcf.