| After months of relative stability, albeit at unprofitable lows, the oil price is in the midst of another sharp downward turn. International benchmark Brent crude dropped below $40 a barrel during yesterday's session, for the first time since early 2009, while US benchmark West Texas Intermediate fell below $37.
Both have recovered by about $1 since, as markets have regained a degree of poise, but remain at levels not seen for nearly seven years. Sentiment is undeniably bearish and predictions abound of a fresh crash to come. The forecast from Goldman Sachs for prices to hit $20 a barrel in the near future, which seemed far-fetched when first uttered earlier in the autumn, is now seen as a realistic target for a market floor that continues to give way...............................................Full Article: Source
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