Oil could sink to $20 on strong dollar

The price of oil could fall as low as $20 per barrel if the strengthening U.S. dollar gains 5%, according to a report by analysts at Morgan Stanley. Via Bloomberg, Brent crude has already fallen by more than 11% this year amid OPEC’s refusal to cut production, oversupply in the U.S. and volatility in the Chinese stock market. The Energy Information Administration expects shale drillers to cut production by 570,000 per day in 2016, but the global oil glut is expected to persist through the first half of the year.