“Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI futures, climbed to 64.2 million barrels in the week ended Jan. 15, the highest level since Energy Information Administration started to track weekly data in 2004,” according to Bloomberg.

Goldman Sachs Group has also forecast oil to drop to $20 per barrel but attributes further weakness to potential storage tank limits as producers keep pumping until they completely fill up storage space and halt some production. However, Goldman also sees a new bull market being born from oil’s current bear market in the second half of 2016.

United States Oil Fund