Crude oil prices have overshot to the downside: Paul Hickin of Platts

It is almost as if the oil market is waiting for a catalyst to trigger a rebound

Brent crude may have crashed through the $60/barrel mark Friday as the market's bearish mood continued to gather momentum but one has to remember that this was in holiday-thinned trade with low liquidity amplifying the slide. That was amid expectations of oversupply as talk turned to whether OPEC and Russia can bring production levels down quickly enough in the months ahead.

The oil market has been in a tailspin since October 3 when it peaked above $86/b, dizzy on a concoction of US, Saudi Arabia and Russia record production. In recent days, bears have been focusing on the regular tweets