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How low can oil go? A lot lower, actually

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Benchmark U.S. crude futures dropped to a 22-month low under $55 on Thursday as evidence mounted that the deepening recession would have a severe impact on demand, reducing the use of oil by industries and individuals alike.

Oil has now fallen more than 60 percent from July's record $147.27 a barrel and is moving close to what is widely considered to be the average operating cost, or "cash cost," for the world's oil major oil companies around $50 a barrel.

Many analysts think the market is likely to fall further, breaching the psychological $50 barrier before recovering.


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