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Oil could be headed as low as $30 per barrel, Goldman Sachs COO Gary Cohn told CNBC.
"My view is we're probably in the lower, longer view. We could definitely get down to $30," he said in an interview Monday on "Closing Bell."
For that to happen, the front end of the oil market is going to have to fall low enough versus the forward prices for crude in storage, he said.
Benchmark oil prices have fallen nearly 60 percent since their highs in June, and have largely traded below $50 a barrel throughout much of January.