The price of oil briefly dipped below $50 a barrel for the first time in more than five years Monday as evidence mounted that the world will be oversupplied with oil this year.

Quick Chek gas station in Lawrenceville (Dan Alexander, Townsquare Media NJ)

U.S. oil dipped to $49.95 before quickly inching back over $50. Around noon, it was down $2.40, or 4.6 percent, to $50.29 a barrel. In June of last year it traded for $107 a barrel.

Oil has been falling for several months because global supplies are rising, especially in the U.S., at a time when weakness in the global economy is slowing the growth in oil demand.

On Monday Citigroup cut its forecast for 2015 global oil prices as a result of high supplies.

The last time U.S. oil traded below $50 was April 29, 2009.

(© 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)