Crude slumped last week after a shock rise in US stockpiles, up 3.3million barrels to 513million, according to the Energy Information Administration (EIA).
Brent crude slipped to about $48 a barrel, its lowest level since December, and analysts said it could go sharply lower.
Crude dipped below $27 a barrel in January last year and Chris Beauchamp, chief market analyst at online trading platform IG, said a repeat of those levels is a distinct possibility: “Crude tends to overshoot on both the upside and the downside.”
The oil price recovered after Opec and non-Opec producers agreed to cut output last December, but Beauchamp added: “The world is still drowning in oversupply.”
Shale drillers have made up for reduced output and the EIA predicted last week that daily US production could hit a record 10million barrels next year.
“Opec is fighting a losing battle,” Beauchamp added.
BP and Shell have worked hard to survive cheaper oil by cutting capital expenditure and selling non-core assets, but their fightback is imperilled.
However, Beauchamp added: “I expect them to keep paying their generous dividends for now.”
Fawad Razaqzada, market analyst at Forex.com, said oil is heading lower: “There is nothing to support prices in the short-term.”
Cheaper oil may trim UK inflation, but he added: “Given that tax makes up most of the price we pay at the pumps, the benefit for consumers will be marginal.”
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
