NEW YORK -- Oil prices tumbled below $34 Thursday, closing in on five-year lows as employment claims rose and OPEC cut demand expectations for 2009, according to The AsAssociated Press.

"The bull oil era is officially over," said Phil Flynn, an analyst at Alaron Trading Corp.

Light, sweet crude for February delivery fell more than 10 percent, or $3.87, to $33.41 a barrel Thursday on the New York Mercantile Exchange. At one point prices fell as low as $33.20.