Oil prices will fall to $20 if they breach these specific levels
Reuters
However, Jan Stuart and his team at Credit Suisse this morning told clients in a research report that if oil prices fall below a certain line, then it makes it highly likely that prices will crash further to around $20 per barrel.
This is what Stuart and his team said (emphasis ours):
Critically important, because if Brent were to fall through $34.55 or WTI below $32.40 there would be little in the way of crude oil benchmark prices falling into the $20s per barrel.
That is not great, the more so since in this year-end low-volume trading stretch crude oil markets can be pushed around with less effort.
Visually, these are the price barriers that oil prices have the breach, according to Credit Suisse:
Credit Suisse
Brent crude oil prices hit their lowest level in more than 11 years this week but have recovered ever so slightly to $36.49 per barrel as of 8.31 a.m. GMT today.
Credit Suisse reiterated earlier this week in a Global 2016 outlook compendium of notes that while oil prices are set to nearly double from their current level to around $60 per barrel by 2020, this is still dramatically less than what it was last year.
In other words - oil prices are going to remain firmly in the low-mid double digits for some time.
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