Crude oil prices traded below $30 per barrel for the first time since December 2003, hitting a low of $29.93 at one point.
WTI futures has dropped almost 20% in 2016 so far, and some of the top analysts in this space do not think the selloff is anywhere near done. You have the likes of Goldman Sachs and Morgan Stanley calling for $20 oil, and even Standard Chartered came out today and called for $10 oil. At these prices, there will certainly be casualties in oil companies. Expect some U.S. fracking companies to declare bankruptcy this year.
— StockTwits (@StockTwits) January 12, 2016