On Monday, West Texas Intermediate crude oil, the US benchmark, fell more than 6% to trade as low as $30.99 a barrel, the lowest since at least December 2003.

Brent crude, the international benchmark, was off over 6% on Monday to as low as $31.90 a barrel, also a 12-year.

The slide comes as oil continues to get pounded to start the year and simply can't catch a bid with a 5% daily decline seemingly becoming the new normal.