Oil Under $40 Barrel on OPEC Production, Could Hit $20s in 2016

As crude oil prices continue their dramatic decline after a refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut production, the key question now is, how much lower can oil go?

U.S. WTI crude oil futures traded under $40 a barrel on Monday, while Brent oil future are hovered around $42 a barrel, having tanked more than 4 percent since OPEC’s decision on Friday to keep its production ceiling at about 30 million barrels a day. Oil has now lost more than 50 percent over the past 18 months.

CNBC

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