That is also possible!
To be honest, I am a bit nervous about the upside potential in the broadest sense. We have had an abnormally large amount of potentially bullish situations recently including Iran oil exports driven down to almost zero, Venezuelan output dropping continually, talk of possible proxy wars in the middle east - including mine attacks on 4 oil ships in the Gulf (which the US claims were limpet mines placed by Yemen terrorists supported by Iran, i.e. enough to normally give oil a boost to new highs…but here we are down here!!!
In the other direction we have increasing US oil stocks, possible increased production from OPEC+ next month and a sinking equities market on the back of widespread crumbling economic growth.
But most of all, I am conscious of one man with an overpowering desire for low oil prices, is great mates with Saudi Arabia and is looking at his election prospects next year. If oil prices suddenly seem to be taking off excessively will we suddenly see a relaxing in sanctions against Iran including a renewed waiver on certain countries to recommence purchases from Iran?
Can one man really do all that -well, it seems like there is one!