COLUMBUS, Ohio -- Oil prices tumbled Monday as manufacturing activity in the U.S. hit a 26-year low, a showing that was much worse than expected, according to The Associated Press.

The drop also comes two days after OPEC said it would not cut production of crude before its regularly scheduled meeting in three weeks.

Light, sweet crude for January delivery fell nearly 7 percent, or $3.67 to $50.76 a barrel on the New York Mercantile Exchange. The contract had settled down a penny at $54.43 on Friday.