23 Dec '15, 6am

Will Oil Price crash to $20 or rebound to $70 in 2016?: Brent crude breaks below $36 a barrel in 11-year low. $20 a…

Brent crude breaks below $36 a barrel in 11-year low. $20 a barrel in 2016? Goldman Sachs predicted that a glut of oil supply will keep oil price low for the next 15 years and possibility of testing the bottom at $20 a barrel. Goldman’s long-term forecast for crude is at $50 a barrel. $70 a barrel in 2016? Counter-intuitively, Energy mogul 87-year-old billionaire T. Boone Pickens said few months ago that oil will be back into the $70 range by the end of the year. “We thought we had seen the bottom and we didn’t, and the reason why I think I missed is because the decline in production when the rigs shut down was not as severe as I thought it would be,” Pickens said on a bloomberg program. “Yes, we’re coming down, and in another six months we will be down at least another half-million barrels….

Full article: http://thefinance.sg/2015/12/23/will-oil-price-crash-to-2...

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