BRENT broke $40 support right nowTrading at $39.9.
At the beginning of the year many oil analysts calls for $20 oil in 2016. It seems they were quite right as oil has been depress since 1.5 years now.
Analysts see oil moving between $20-$30 in 2016. We still have 2.5MMbpd oil oversupply and few millions more coming next year with IRAN and IRAK.
Russia is producing at historical hight
US Shale are holding pretty well. Stabilizing at 9.2MMbpd since 4 months now.
Next year will be pretty taugh for oil investors I guess