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.


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam