The bad news just doesn't stop coming for oil. It all began when Saudi Arabia had turned on the production spigots to counter growing production from American frackers, and now it has to contend with the geopolitical dimensions of the growing power of Russia and Iran in the Middle East. The calls are growing for $20 oil and even $10 oil as there seems to be no prospects of an end to the oversupplied market.
For some long-term perspective, keep in mind this chart from of supply and demand from Jeff Gundlach (via Business Insider). While it is true that there is a significant gap between supply and demand right now, demand has steadily risen and that excess supply will eventually get absorbed:
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