Citi Global Head Calls $20 A Real Possibility $UWTI $DWTI $XLE $USO $DUG $OIL

Oil prices will likely continue to tumble amid a global oversupply, Ed Morse, Citi global head of commodities research and managing director, said on Monday.

“I would not be surprised to see a $20 handle,” Morse told CNBC’s “Power Lunch.”
Bearish factors for oil include less demand and increasing supply once Iran joins the market later this year.

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