By: Mahmoud Gamal
Dubai-Mubasher: Global oil prices continued its fall in Asian early trade, with expectations to slide below $20 per barrel in the coming years.
Bren crude oil lost 5.31% to reach $37.62 per barrel.
U.S. crude declined 0.15 cents to reach $35.47 per barrel.
Crude oil prices could fall to $20 a barrel in the coming five years, according Goldman Sachs.
Oil markets witnessed more pressures since OPEC decided to leave output ceiling unchanged at 30 million barrels a day, according to oil analyst and economist Ahmed Hassan Karam.
Brent crude futures slumped 64% to reach the levels of 2008, while Crude oil futures decreased 47% to reach $36.31 a barrel.
Karam noted that oil prices will recover as US shale oil production declined and companies incurred losses as a result.
Shale oil sector did not lose its momentum despite oil price plunge, added the analyst.
Karam expected the average of shale oil production to decline by 116,000 million barrels to 4.861 million barrels per day in January 2016.
Crude inventories across the United States fell by 36,000 barrels last week to reach 9.16 million barrels.
Translated by: Julian Nabil
