Oil prices slumped Monday to fresh 5.5-year lows under $49 per barrel, hurting the energy sector, but European stock markets pushed higher on eurozone stimulus hopes.

Oil prices slumped Monday to fresh 5.5-year lows under $49 per barrel, hurting the energy sector, but European stock markets pushed higher on eurozone stimulus hopes.

Brent crude for February delivery collapsed to $48.13 -- the lowest since late April 2009 -- before recovering slightly to $48.23. US benchmark West Texas Intermediate (WTI) for February hit a similar trough at $46.75 a barrel.

The latest heavy falls were sparked by worries over the ongoing global crude supply glut, and came after US investment bank Goldman Sachs cut its price outlook.

"Oil was once more the recipient of dismal data as Goldman Sachs downgraded its forecasts for the commodity, from an average price of $83 per barrel in 2015 to $50," said Spreadex analyst Connor Campbell.

"Brent crude greeted this news by dropping to new five-and-a-half-year lows; the confirmation of a bleak future for the commodity will see these prices linger for a long time yet."

Global oil prices have more than halved since June, dented also by demand jitters arising from the faltering world economy.