| The most pessimistic prediction has come from Citibank, which has said crude oil could fall as low as $20 a barrel this year, but prospects for $20 oil are as unlikely as the predictions for $60 oil were only a few weeks ago when it looked like an imminent and sustained recovery was just over the horizon. Fundamentally, there is little to stop oil's slide right now. An interim January low of $43 was broken on Wednesday, and the chart analysts are finding it difficult to predict a bottom.
Oil stockpiles are still increasing, with 458 million barrels in storage, by far a new record. At the rate of increases in stockpiles, it is estimated that storage will be completely used up by the middle of May. With virtually nowhere to put oil, prices will again have nowhere to go but down...............................................Full Article: Source
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