The possibility of $20 oil doesn't sound so crazy anymore

Bloomberg | .

The world mostly ignored Ed Morse 11 months ago when the head of commodities research at Citigroup said oil could drop as low as $20.

It’s paying attention now that crude has tipped below $30.

BP Plc slashed 4,000 jobs, Petroleo Brasileiro SA slashed its spending plan and Petroliam Nasional Bhd. warned that it faces several tough years before crude futures in the U.S. sank into the $20s for the first time in more than 12 years.

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