The oil bears are out in force Oil is heading for $10-a-barrel, crashing to its lowest level in more than 18 years, another major bank has warned. Standard Chartered downgraded its forecast for prices, joining the likes of Goldman Sachs, RBS and Morgan Stanley in making ultra-bearish calls as prices have collapsed by 15pc this year. Brent crude has now slipped to a fresh 12-year low of $30.41 a barrel, while West Texas Intermediate – the US benchmark – is trading at $30.43. Analysts warn the oil market remains fundmentally out of balance as record over-supply and stagnant demand weighs on traders. Standard Chartered said there would be no bottom in sight, until prices fall to $10 and “money managers in the market conceded that matters had gone too far”. “Given that no fundamental relationship is currently driving the oil market towards any equilibrium, prices are being moved almost […]