The International Energy Agency warned on Tuesday that a further drop in oil prices is likely as supply continues to exceed demand, placing “enormous strain” on the ability of the oil system to absorb it efficiently.
Brent crude futures have fallen to a 13-year low, trading below $29 a barrel and U.S. crude futures are also hovering around $29 a barrel. Standard Chartered has said prices could go as low as $10 a barrel while Goldman Sachs has said it could fall to $20.
