In an interview Thursday with CNBC’s “Futures Now,” Dennis Gartman, the editor and publisher of ‘The Gartman Letter,’ said that a combination of a rapidly rising inventories and a strong greenback could sink oil to $15 a barrel by the end of the year.
“For months I have said that crude oil is heading from the upper left to the lower right of the chart,” said the CNBC contributor. “I wouldn’t be surprised if oil went down to about $15 a barrel.”
Crude oil prices have been collapsing over the past six months, down 60% in less than a year. Earlier this month, it looked as if the nosedive might have ended with a brief recovery, but this week prices began slumping once again. The benchmark for WTI crude, has now dropped to a six-year low to below $44 a barrel. The price of brent crude, the international standard, is fast nearing $53 a barrel.