Oil prices fell 5 percent to its lowest in nearly six years yesterday, extending the second-deepest rout on record, after Goldman Sachs warned that prices will fall further and Gulf oil producers showed no sign of cutting output. An unusual spate of major refinery glitches across the U.S.

East and Midwest added to the concerns, threatening to accelerate a buildup of surplus crude. Brent fell USD 2.68, or more than 5 percent, to settle at USD 47.43 a barrel, its third-largest one-day decline since 2011 and its lowest close since March 2009.

The decline was the 10th in the past 12 sessions. U.S. crude settled down USD 2.29 at USD 46.07, leading losses across the complex. Gasoline and ultra-low sulphur diesel futures fell by around 3 percent as refinery outages spurred some prompt buying.

The unrelenting rout, which has wiped nearly 60 percent off prices since June, shows no sign of letting up, with many traders giving up attempts to predict a bottom even amid growing signs that U.S. shale drillers are hitting the brakes. Even with oil plumbing new lows, Saudi Arabia and its Gulf allies appeared no less resolved to maintain their market share, resisting a diplomatic push by Venezuela and Iran to begin cutting output.