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Here's a forecast that will knock your socks off. Professor Philip Verleger from the University of Calgary is predicting that oil will drop to $20 per barrel this year. This price was last seen in 2002.

He states that a surplus of 100 million barrels will accumulate by the end of the year.

Concerning the economy he said: "The economic situation is not getting better. Global refinery runs are going to be much lower in the fall. If the recession continues and its a warm winter, its going to be devastating."

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Will oil trade at $20 per barrel this year? originally appeared on BloggingStocks on Thu, 16 Jul 2009 14:00:00 EST. Please see our terms for use of feeds.

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