Oil Prices May Fall to $32 a Barrel Over the Next Few Months Says Trader

U.S. oil prices fell below $39 a barrel on Monday and the decline isn't over yet, according to Peter Amandio, an independent energy trader at the NYMEX. Amandio says oil prices could drop to $32 a barrel over the next few months, due to oversupply in the market and concerns about an increase in oil production from Iran. He also cited worries about slowing demand from China, and the decline in the U.S. stock market. Amandio added that he's surprised by how quickly crude has fallen in recent weeks, and he doesn't see much changing fundamentally for the oil market in the short term. He expects this week's EIA data on supply will be bearish. Oil is currently trading at 6-1/2 year lows.