Oil prices may fall another 50 percent from their current levels of about $40 a barrel if the world runs out of storage space and mild weather reduces heating demand. “Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this winter. The twin-effect could send prices plummeting to $20 a barrel, the so-called ‘cash cost’ that forces drillers to abandon production,” writes Ambrose Evans-Pritchard in the U.K. Daily Telegraph . “Risks of a sharp leg lower remain elevated,” it said. “America’s storage sites are 70 percent full, in theory leaving room for another 150 million barrels. But this is already tight enough to create regional bottlenecks,” writes Evans-Pritchard . “It will not be sufficient if OPEC continues to flood the global market in a bid to drive out rivals.” Energy producers are pumping out […]