European oil prices could fall in half from their current price of $29 a barrel

European oil prices could fall in half from their current price of $29 a barrel, David Sheppard, Financial Times Energy Editor writes in an analysis headlined: “Oil industry faces biggest crisis in 100 years.” While the Saudi-Russia price war attracts attention, coronavirus restrictions drive down demand. “As Europe and North America hunker down, the latest estimates suggest 10 to 25 per cent of global consumption could vanish in the coming few months,” he writes. “The result is likely to be storage tanks being filled to the brim within months. Even supertankers at sea, called into action as emergency storage vessels, could be maxed out by the end of summer…Analysts are starting to predict the price could fall to the teens or even into single digits.”