The price of oil could tumble even further to a low of $20 (17.73 euros) a barrel – that’s the warning from Goldman Sachs in a report published on Friday.
It blames the global oversupply which it says is even worse than had been expected.
The investment bankers say they expect the surplus to continue next year.
Over the past two months crude oil has plunged from around $60 (53.2 euros) a barrel to below $40 (35.4 euros) at one point.
Goldman analysts believe prices will need to stay lower for longer to force production cuts.
Read more: Goldman Sachs says oil prices could fall to $20 a barrel | euronews, economy
It blames the global oversupply which it says is even worse than had been expected.
The investment bankers say they expect the surplus to continue next year.
Over the past two months crude oil has plunged from around $60 (53.2 euros) a barrel to below $40 (35.4 euros) at one point.
Goldman analysts believe prices will need to stay lower for longer to force production cuts.
Read more: Goldman Sachs says oil prices could fall to $20 a barrel | euronews, economy
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