As oil prices drop to more than four-year lows, analysts are slashing their forecasts, with some predicting it could plunge as much as 40 percent to around $40 a barrel.
"There is a possibility that if this price war becomes unmanageable, [we could] see prices down to about $40 a barrel [for WTI]," Jonathan Barratt, chief investment officer of Ayers Alliance Securities, told CNBC.
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But for oil to get all the way down to $40 a barrel would take "a massive lack of confidence in the economies, also a lack of pricing power," Barratt said.
Oil's continued decline
Brent and WTI crude each fell more than 2 percent to as low as $67.90 and $64.10 a barrel respectively during Asian trade on Monday, levels last seen in 2010, as the European credit crisis was heating up.