Opinion: Oil prices could fall another 50% to as low as $20 a barrel - Goldman Sachs

Goldman Sachs revised their initial $40/bbl forecast for crude oil - they are considering the price to be as low as $20 a barrel in 2016. This updated forecast is based on approach from OPEC: the organization made no comment on adhering to country level quotas.

By the way, oil price is already in strong bearish market condition with 42.09 support level to be broken from above to below for the psy level at 40.00 and psy level at 30.00 as the next bearish target, so - $40/bbl forecast is more than real one in the near future for example. As to $20 a barrel in 2016: the price should break psy level at 30.00 first for the level at 20 to be real target in 2016. And it may be too early to make such a 'bold prediction' but anyway - we may see the price movement in Q1 2016 to confirm it or not for example.