Let it drop, let it drop, let it drop.

VIENNA, Austria - Oil prices dropped by $2 a barrel to new 19-month lows Tuesday on a report that OPEC powerhouse Saudi Arabia said there’s no need for further production cuts.

Crude oil is now trading below $51 a barrel at a level not seen since May 2005. The commodity has fallen more than 16 percent this year in a sell-off triggered by a historically warm winter in the Northern United States and sustained by large funds taking short positions in the market, or bets that prices will fall.

Some market participants believe that another production cut by the Organization of Petroleum Exporting Countries could halt the price drop, but until that happens, there’s little to stop prices from sliding further.

Read more at MSNBC