Oil crashes into the $20s

Another milestone falls with Brent oil crashing briefly to $29.95 last night:

The geniuses at Barclays halved their forecast for this year to $37 from $60:

“For some time now we have taken the view that conditions were falling in to place for a robust recovery in oil in 2016, potentially taking prices back above $70/barrel by year end. However, in recent weeks there has been a marked deterioration in oil market fundamentals, and global macro-economic conditions and prices have fallen further than we expected. As a result, we are lowering substantially our oil price expectations for the year ahead.”