How low could oil prices go?

Oil prices have fallen to within a whisker of our target of $50 per barrel (for Brent), which we had expected to see in the first quarter of next year. For now we are leaving our forecast for average oil prices in 2009 and 2010 at $50pb. Nonetheless, further declines – perhaps to as low as $30 – are conceivable in the months ahead.

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