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Crude Oil Prices Could Fall to $25, Then $20 a Barrel, Says Trader

Oil prices hit yet another new multi-year low Tuesday, as the market braced for Iranian oil to flow into an already flooded market for crude.

Oil prices hit yet another new multi-year low Tuesday, as the market braced for Iranian oil to flow into an already flooded market for crude. ‘Thirty dollars has come and went,’ said Eric Zuccarelli, an independent oil trader at the NYMEX. He says downside risk remains for oil and he sees crude eventually sliding to $25, then the psychologically important $20 a barrel. China’s slowing economy is also weighing on the oil markets, which are simply aced with too much supply and not enough demand. Zuccarelli sees little that can change the bear market in oil, other than production cuts by OPEC and ‘companies going bankrupt in the fracking sector in America.’ TheStreet's Rhonda Schaffler has details from New York.

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