One the United Kingdom’s largest banks is warning oil prices could sink as low as $10 a barrel.

Banking and financial services company Standard Charter said Tuesday, “we think prices could fall as low as $10 a barrel before most of the money managers in the market conceded that matters had gone too far.”

Brent crude briefly hit a 12-year low of $30 Jan. 12, marking an almost 20 percent drop in the price of oil since the beginning of the year. Only two years ago, oil was trading at $100 a barrel.

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