Oil demand is picking up but following a spell of record falls hitting utility companies such as Telecom Plus. The world is running out storage facilities for surging supplies of oil and may soon exhaust tanker space floating offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned. Goldman Sachs told clients that the increasing glut of oil on the market, together with mild weather due to an abnormally strong El Nino this winter, could send prices plummeting to $20 a barrel, the so-called ‘cash cost’ that forces drillers to abandon production. “Risks of a sharp leg lower remain elevated,” it said. Oil has fallen from $110 a barrel early last year and is hovering near $40 for US crude, and $44 for Brent in Europe. The US investment bank said the overall glut in the commodity markets may take another twelve […]