$60 Oil if OPEC does not cut output

Oil to fall to $60 if OPEC does not cut output

The oil price has been falling since the summer due to abundant supply -- partly from U.S. shale oil -- and low demand growth, particularly in Europe and Asia.
As a result, some investors believe a small cut -- of around 500,000 bpd -- would not be enough to calm the markets.
Doug King, chief investment officer of RCMA Capital, sees Brent falling to $70, even with a cut of 1 million bpd.
If OPEC fails to agree a cut, prices will drop "further and quite quickly", with U.S. crude possibly sliding to $60, he said. U.S. crude closed at $76.51 on Friday, with Brent just above $80.