How Far Can Brent and WTI Fall in an Oversupplied Market?

Earlier this week, Brent crude slipped below $60 per barrel, and West Texas Intermediate dipped to $55, under the combined weight of a projected supply overhang and media reports claiming the United States and Russia were close to a peace deal for Ukraine. Even a blockade on sanctioned tankers carrying Venezuelan crude ordered by President Trump did not do much for prices. The question now is just how low Brent and WTI could sink from here. President Trump said this week that a peace deal for Ukraine is closer than ever. However, this may be just…