NEW YORK (TheStreet) -- Oil prices sank Wednesday to a one-week low after U.S. inventory reports showed an increase in the country's stockpile of the product.
Oversupply concerns continue to abound ahead of OPEC's late September meeting in Algeria. Phibro LLC CEO Simon Greenshields told Bloomberg on Wednesdaythat he saw a price floor for crude oil as low as $25 a barrel and recommended shorting crude oil at a $50 to $55 a barrel price range.
But not all analysts agree.
"There was some view that there was an acceptance within OPEC of $30 [a barrel] as more or less a floor for oil," J.P. Morgan Asset Management CIO Bob Michele said in an interview on Bloomberg TV's "Bloomberg GO" Thursday. "That seems to have moved to $40. They're coming out verbally... they're talking about production freezes."
"Oil can drop from here and settle in at $42, $43," Michele added. "It won't go much lower."