Money.net CEO Thinks That Crude Oil Could Drop Below $70

In an interview on CNBC, Morgan Downey, the CEO of Money.net, said that a battle is currently going on between the U.S. frackers and the OPEC. This is the first time in history that crude oil is on decline and the OPEC is saying absolutely nothing. That is highly unusual, thinks Downey.

In his previous interview on CNBC, a month ago, Downey successfully predicted a decline to $80 for crude oil. Now, he believes that the downturn in crude oil could continue to mid to high 60s, unless OPEC or the U.S. frackers cut their production.

Downey explained that low oil prices are usually good for consumers, but frackers have been the source of growth in the U.S. employment in the last two years and low oil prices could offset any gains to the U.S. consumption.