As crude oil prices continue their dramatic decline after a refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut production, the key question now is, how much lower can oil go?
U.S. WTI crude oil futures traded under $40 a barrel on Monday, while Brent oil future are hovered around $42 a barrel, having tanked more than 4 percent since OPEC's decision on Friday to keep its production ceiling at about 30 million barrels a day. Oil has now lost more than 50 percent over the past 18 months.
"There is no question that prices are going to continue to fall. The emotional impact of the latest OPEC meeting would suggest that prices might accelerate in their fall but I think the direction is obvious, they will get lower," Warren Gilman, chairman and CEO of CEF Holdings,told CNBC's Capital Connection. CEF is a Hong Kong-based investment firm owned by billionaire Li Ka-shing's Chueng Kong Holdings and Canadian Imperial Bank of Commerce,