Goldman Sachs president predicts oil price to hit $30

Oil prices could plummet even lower to $30 a barrel, according to Goldman Sachs president Gary Cohn.

The price of crude oil has already halved since last summer as the Organisation of Petroleum Exporting Countries [OPEC] resisted calls to cut output, while the US pumped oil at the fastest pace in more than three decades, according to Bloomberg. The price of Brent Crude Oil is currently around $47.85 a barrel, nearing a six-year low, but could sink further according to Cohn, a former oil trader. Cohn said the commodity business is "very, very strong" as oil-producing nations are in better positions than they have been in recent years. "If you are a consumer today and you can lock i...