U.S. crude oil on Tuesday fell below $55 per barrel, hitting the lowest level since early 2021.

West Texas Intermediate hit a low of $54.98 per barrel, the lowest level since Feb. 3, 2021. The U.S. benchmark was last trading 2.36% lower at $55.48, while Brent was at $59.13, down 2.36%.

U.S. crude has lost about 23% this year in its worst performance since 2018, while Brent is down about 21% for its worst year since 2020.

U.S. gasoline prices, meanwhile, have fallen below $3 per gallon to the lowest level in four years in a boost to consumers ahead of the holidays, according to the drivers' association AAA.