| Oil prices slipped below the psychologically important level of $40 a barrel during trading Monday, and another $5 drop could be on the horizon, according to analysts. Bets that U.S. crude's West Texas Intermediate contract will rise have "pretty much evaporated" as the assumptions underpinning the bull case for oil have collapsed, Again Capital founding partner John Kilduff told CNBC.
A Reuters survey released Friday showed OPEC output likely hit the highest level in recent history. On the same day, oilfield services firm Baker Hughes reported drillers increased the number of rigs operating in U.S. fields for a fifth straight week...............................................Full Article: Source
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