HOUSTON — Crude oil prices slid a further 5 percent on Monday to fall to their lowest levels since the 2009 global recession, pummeled by the fading chance that Saudi Arabia would cut production to halt the commodity’s yearlong slide.

In only 16 months global oil prices have collapsed from over $110 a barrel to less than half that, and the oil industry in the United States and around the world is reeling from its worst crisis since the late 1990s. On Monday, the American benchmark broke the $38-a-barrel mark, a price that makes drilling and completing wells a losing proposition in almost all oil fields around the country.

Oil stocks were sent tumbling, along with the rest of the market, as the price plunge put additional pressure on their finances. Kinder Morgan, the pipeline giant, said on Friday that it was reviewing its dividend. Shares of independent oil companies like Apache and ConocoPhillips fell by more than 3 percent on Monday.

“It’s another damaging blow to the U.S. oil industry,” said Steven H. Pruett, president and chief executive of Elevation Resources, a Texas oil company. “The rig count will continue to decline, the production decline will accelerate and capital spending plans will be curtailed further, as will employment.”