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<ul class="summary-list"><li>TikTokers and Instagrammers are sharing a price-matching "hack" to save money at Target.</li><li>The shoppers use prices from a less-expensive store to convince staff to <a target="_blank" href="https://www.businessinsider.com/how-to-target-price-match-guarrantee-save-money-2023-5">adjust the in-store price</a>.</li></ul>TikTok and Instagram are full of <a target="_blank" href="https://www.businessinsider.com/parents-are-returning-worn-out-childrens-clothing-to-target-2023-5">money-saving tips</a>, but often they need to be taken with a grain — or spoonful — of salt.In a recent trend, shoppers say they've "hacked" Target's price-matching policy to save big bucks, in some cases $4 or $5 per item, by switching their home location to a <a target="_blank" href="https://www.businessinsider.com/target-shopping-comparison-nyc-vs-midwest-2023-11">cheaper city's Target store.</a>"This is for people who live in more expensive cities," a TikToker posting as <a target="_blank" href="https://www.tiktok.com/@coopesrachel/video/7294345051545570602">Rachel Coopes</a> says in one video. She then goes on to describe how she saved a dollar or two on every item in her cart by setting her app's location to Kalamazoo, Michigan.In a separate video, <a target="_blank" href="https://www.instagram.com/reel/C0fVNd5LCuw/">Haley Sacks</a>, who posts as Mrs. Dow Jones the Zillennial finance expert, recommends Harlingen, Texas, which she says is the lowest cost-of-living city, and which also happens to have a Target store.At the register, the shoppers said they request an adjustment based on the lower-cost store's price."It adds up, I'm telling you," Coopes said.While these shoppers and others may have successfully gotten prices adjusted, the move seems to go against Target's policy.Still, TikTokers are touting the rule-bending move as a "hack."Target did not immediately respond to Business Insider's request for comment on this story, but its website says the current store is supposed to be selected in the app, and a store employee should verify prices with a Target-owned device.For items sold by local retailers, stores must be no more than 25 miles away from the customer's address. Other advice appears to be shaped by experience with pushback from store employees who may be more versed in the policy.A TikToker who goes by <a target="_blank" href="https://www.tiktok.com/@devriebrynn/video/7290675795020746026?_r=1&amp;_t=8i6F2zQAxVD">@devriebrynn</a> recommended being "real sneaky" in setting the app's Target location, while <a target="_blank" href="https://www.tiktok.com/@jiniretfan53/video/7229680223975951658?_t=8i6EyhoTyME&amp;_r=1">@jiniretfan53</a> suggested going early in the morning to "find the oldest looking worker you can find" working on the register."They don't know what you're talking about so they're just gonna do it," she said. Target certainly has a competitive price-match policy. On its website the company promises to match the price of an item that's sold for less at another local retailer or one of <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://target.scene7.com/is/content/Target/GUEST_ef334f28-f0e7-468f-b85d-9279f7bfb9a2">27 online stores</a>. There are some limitations, though."When price matching with the Target app, the Target app must be showing the price of the current store location," Target says under in its <a target="_blank" href="https://help.target.com/help/subcategoryarticle?childcat=Price+Match+Guarantee&amp;parentcat=Policies+%26+Guidelines&amp;searchQuery=search+help#endOfArticle">Price Match Guarantee</a>. "We match Target.com prices on in-store purchases and in-store prices for Target.com purchases. In-store price matches from other Target stores are excluded."This latest "hack" follows other tricks that range from questionable to outright fraudulent, such as shoppers <a target="_blank" href="https://www.tiktok.com/@ajtheeblacksheep/video/7283912742111595818">skimming a little extra laundry detergent</a> from a dollar store, <a target="_blank" href="https://www.businessinsider.com/self-checkout-theft-is-a-bigger-problem-than-retailers-thought-2023-12">scanning a cheaper item at self-checkout</a>, or putting <a target="_blank" href="https://www.businessinsider.com/retailers-lost-millions-in-organized-online-refund-fraud-scheme-2023-11">old stuff into a new item's packaging to get a refund</a>.A lot of factors go into pricing merchandise for retail sale, <a target="_blank" href="https://www.businessinsider.com/these-states-have-seen-the-highest-increases-in-egg-prices-2023-1">not least of which is geography</a>, and many of the things that make it expensive to live in a place also make it expensive to operate a business there.The internet has blurred these boundaries, but national retail chains are acutely aware of local costs. That's why the policy says what it does. Regardless, some shoppers will be indifferent to the propriety of persuading retail employees to violate store policy to give them a deal."I just saved $5 on my Flonase — New York City price gouging and allergies aren't getting me down," TikToker @devriebrynn says in the video in which she recommended sneakiness with setting the location. "I ain't got no reverence for corporations — go F 'em up."

Target's price-match policy doesn't actually allow the 'hack' that's trending on TikTok

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>'s price could hit $100,000 if it continues to take market share from gold, Goldman Sachs said.</li><li>Bitcoin currently commands roughly a 20% share of the "store of value" market, the bank estimated.</li><li>But if that share were to rise to 50%, then Goldman thinks the price could reach the six-figure milestone.</li></ul>The price of bitcoin could hit the elusive $100,000 milestone if the digital asset continues to take market share from gold, Goldman Sachs said.Bitcoin's float-adjusted market capitalization is currently a little over $700 billion, while the public owns about $2.6 trillion of gold for the purpose of investing, an analyst wrote in a note Tuesday. This means bitcoin commands roughly a 20% share of the "store of value" market, which includes gold.Bitcoin's market share will likely rise as more institutions turn their eye towards digital assets, Goldman predicted. Moreover, bitcoin-specific scaling solutions continue to be attractive for investors, despite its consumption of real-world resources, the bank added."Hypothetically, if bitcoin's share of the 'store of value' market were to rise to 50% over the next five years (with no growth in overall demand for stores of value) its price would increase to just over $100,000, for a compound annualized return of 17-18% (accounting for growth in bitcoin supply over time)," wrote Zach Pandl, Goldman's co-head of global FX and EM strategy. <div type="image" title="Bitcoin Now 20% of “Store of Value” Market" height="390" width="781" msid="88716383" hostid="261"></div>The bitcoin-versus-gold argument has intensified in the past months, with bitcoin gaining favor as an inflation hedge amid surging prices for goods and services. Last year, the price of bitcoin jumped around 60% while the price of gold fell 3.6%, marking the biggest annual decline since 2015.

Bitcoin could hit $100,000 if it takes on gold's market share, Goldman Sachs says

<ul class="summary-list"><li>Walmart once again is looking to compete directly with Amazon's Prime Day.</li><li>The retail giant is holding 'Walmart Plus Week' through July 13.</li></ul>Prime Day, the <a href="https://www.businessinsider.com/guides/deals/what-is-amazon-prime-day">virtual shopping holiday that Amazon invented in 2015</a>, has transformed July from a slow time for retailers into <a href="https://www.businessinsider.com/history-of-amazon-prime-day-impact-on-retail-industry2023-7">one of the hottest sales stretches of the year.</a>But Walmart isn't letting its e-commerce rival go unchecked, especially with consumers presumably in a buying mood.Walmart and other retailers are angling for some of the billions of dollars that shoppers are expected to spend around Prime Day, and according to one study, they're starting to chip away at Amazon's market share during the critical sales period. Prime Day will take place on July 11 and 12 this year. Walmart's answer is Walmart Plus Week, which runs between July 10 and July 13. While the first 24 hours of Walmart's event are exclusive to Walmart+ members, anyone can access the deals on the second and third days. In addition to luring away potential Amazon shoppers, Walmart's event is geared toward getting customers to sign up for Walmart+ memberships. Walmart did not directly answer when Insider asked about the timing of the sales week, but said that such events "allow us to celebrate our members in a fun way." In previous years, the company held <a href="https://www.businessinsider.com/guides/deals/prime-day-competing-sale-deals#walmart-1">"Rollbacks and More" events</a> in July to compete with Prime Day, and last year Walmart launched a summer savings event called <a href="https://corporate.walmart.com/newsroom/2022/05/18/walmart-to-host-one-weekend-only-savings-event-exclusively-for-walmart-members" target="_blank" rel="noopener">Walmart+ Weekend</a> which took place just before Amazon Prime Day. But while other retailers can try to get in on the shopping spirit, it'll be hard to beat Amazon at its own game. Prime Day drove around $7.3 billion in sales for Amazon last year, according to Insider Intelligence. This year, the retail giant is expected to eclipse its old record with around $8 billion in sales.According to Insider Intelligence analyst Andrew Lipsman, once a "shopping tent pole" like Prime Day is established, it's difficult to dislodge that in the minds of consumers.<div type="image" title="Walmart Plus Week" height="1262" width="2996" msid="101647548" hostid="261"></div>"If you can't beat 'em, meaning Amazon, join 'em," said Lipsman, who added that it makes sense that big box retailers like Walmart and Target run concurrent promotions because customers are looking for deals during this time and don't necessarily care which retailer they get them from."Everyone is soaking up some of that incremental activity. But the ones who are best positioned to compete with Amazon are going to be your most well known big box retailers: Walmart, Target, and Best Buy," he said. Insider Intelligence is a sister company of Insider.<h2>Billions of dollars in sales could be up for grabs during Prime Day</h2>In 2022, other retailers competing with Prime Day made a collective $4.9 billion in sales during their Prime-alternative shopping events, according to a report by Insider Intelligence. While Amazon eclipsed that, with $7.3 billion in sales, competitors appear to be closing in."Amazon's Prime Day market share will continue to slip, dropping from 62.0% in 2018 to an expected 59.6% in 2023," the report said.Lipsman added that Walmart and other retailers can lean into their strengths to compete most efficiently. For example, while Amazon's flagship category is electronics, Walmart may perform better relatively on everyday essentials like groceries and household purchases."The more that they lean into those offerings, the more they'll drive sales growth on that day," he said. <h2>Roots of Walmart-Amazon Prime Day rivalry</h2>The yearly battle over customers between Walmart and Amazon's Prime Day could date as far back as 2015. At the time, Jet.com, a buzzy e-commerce company cofounded by entrepreneur Marc Lore and <a href="https://www.businessinsider.com/walmart-is-buying-jetcom-2016-8">eventually acquired by Walmart in 2016</a>, was preparing to launch. Just weeks before <a href="https://www.businessinsider.com/jetcom-launches-today-ceo-marc-lore-interview-2015-7">Jet launched its website</a>, Amazon held its first Prime Day — offering huge discounts to tens of millions of Prime account holders. Jason Del Rey, author of "Winner Sells All," <a href="https://www.businessinsider.com/amazon-walmart-book-jason-del-rey-subscriptions-lawsuit-2023-6">a book detailing the battle between Amazon and Walmart</a>, said that Jet executives he spoke to wondered if the timing of Amazon's first-ever Prime Day "had anything to do with their impending launch." Amazon executives deny that it did, but in the time following Jet's launch, Amazon's pricing technology "followed Jet prices both up and down," according to the book. Walmart isn't the only retailer to try to compete with Amazon's event. Target has Target Circle Week, exclusive to Target Circle members, which started July 9 and runs through July 15. Best Buy has a "Black Friday in July" savings event from July 10 to July 12."I don't think it's about necessarily dethroning Amazon," Lipsman said. "It's about getting whatever bump of activity you can."

Amazon has lost market share for the Prime Day shopping holiday it invented. Walmart is setting itself up for a bigger slice of those sales.

<ul class="summary-list"><li><keyword id="5131608" type="PERSON" weightage="60" keywordseo="Hunter-Biden">Hunter Biden</keyword> said "f--- 'em," when asked how he responds to critics who say his art is overpriced.</li><li>He also joked that he may be "the most famous artist in MAGA world."</li><li>The White House is grappling with the optics of Joe Biden's son selling products of high and arbitrary values.</li></ul>President Joe Biden's son, Hunter, didn't mince words when responding <a href="https://podcasts.apple.com/us/podcast/nota-bene-x-felix-an-interview-with-hunter-biden/id1560758973?i=1000530456309" target="_blank" rel="noopener">in a podcast interview</a> to those who criticized his art as being pricey and overrated."You seem to have good spirits about this sort of kind of crazed narrative around your painting," Nate Freeman, the co-host of the podcast Nota Bene told Hunter. "What's your response to people who are, you know, coming after the prices of the work or just, you know, the collectors, I mean, what's been your response to that?""Other than 'f--- 'em'?" Biden quipped as Freeman and co-host Benjamin Godsill broke into laughter."That's a pretty good response," Freeman said, while Godsill added: "I think that's all you need."The younger Biden came under scrutiny when <a href="https://www.nytimes.com/2021/07/29/business/economy/biden-infrastructure-deal.html" target="_blank" rel="noopener">the Washington Post reported earlier this month</a> that the White House was struggling with the optics of a presidential family member selling artwork of highly subjective and often arbitrary value.According to the Post, White House officials helped draft an agreement that would allow Hunter Biden to earn a living from his art while not knowing who buys his paintings. The agreement was struck with a New York gallery owner who estimated that the younger Biden's paintings could sell for <a href="https://www.businessinsider.com/hunter-biden-paintings-could-sell-from-75000-to-500000-each-2021-7" target="_blank" rel="noopener">anywhere from $75,000 to $500,000 apiece</a>, which art critics said were prices more typically seen for established and successful artists.<a href="https://www.politico.com/newsletters/west-wing-playbook/2021/07/27/we-asked-art-critics-about-hunters-paintings-493751" target="_blank" rel="noopener">Politico interviewed experts about Biden's art</a> and asked them whether they believed it was worth as much as it's selling for, and the vast majority said they believed it was overpriced.Geoffrey Young, a New York poet, art critic, and curator, told Politico that while Biden's paintings were "way better" than he thought they'd be, the price range was still very high.Hunter Biden is "complexly famous, but not yet for art," Young told Politico, adding, "Guess people will pay for a known last name."The national art critic Ben Davis, who has written about how Hunter Biden shouldn't be selling his work at all, told Politico that for a fledgling artist, his work is already selling at the equivalent of pieces "in the top, top tier of what was thinkable."Biden addressed the unusual nature of his venture in his podcast interview with Freeman and Godsill, saying, "I never said my art was going to cost what it was going to cost, or how much it'd be priced at. I'd be amazed if my art sold, you know, for ten dollars."He added: "But I do know enough that the value of an artist's work is not necessarily determined by the price, but the price is completely subjective and completely arbitrary at times, and has sometimes nothing to do with anything other than, you know, the moment."Biden's art venture is the latest ethical dilemma his business dealings have posed for his father. He previously served on the board of the Ukrainian natural gas company Burisma Holdings, which Republicans criticized as a brazen attempt to cash in on his family name.Biden's involvement with Burisma became a centerpiece of former President Donald Trump's campaign and his efforts to paint the Biden family as corrupt. However, nonpartisan experts and government officials testified that despite the optics of Hunter Biden's work with Burisma, there was no evidence that his father was involved with his dealings or that Hunter Biden's activities ran afoul of the law.Earlier in the interview, Biden referenced his status as a bete noire for the Republican Party and its connection to his art."I've gotten to share my art not only with you guys and other people that I care about, but I've also gotten to share it with the entire viewing audience of Fox <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">News</keyword>, Newsmax, and OAN.""In one way, I think I'm the most famous artist in the MAGA world, at least," he added.

Hunter Biden said 'f--- 'em' to critics who called his art overpriced and joked that he may be 'the most famous artist in MAGA world'

<ul><li>As per the report, <keyword id="10150755" type="UNKNOWN" weightage="20" keywordseo="ott-sector">OTT sector</keyword> will directly benefit from the closure of cinemas, as some film studios choose to fast-track new releases to home video platforms. </li><li>OTT video in India is expected to see the largest gain and reach 5.2% by 2024, closely followed by <keyword id="441315" type="PERSON" weightage="20" keywordseo="internet-advertising">internet advertising</keyword>.</li></ul>According to PwC’s <a href="https://www.pwc.com/gx/en/industries/tmt/media/outlook.html">Global Entertainment &amp; Media Outlook 2020-2024</a>, the Indian E&amp;M industry’s long-term outlook remains robust as it is expected to grow at 10.1% CAGR to reach 55 billion USD by 2024. A K-shaped bifurcated recovery is on the horizon in which sectors like OTT, internet advertising, video/games/e-sports, and music and podcasts are expected to spearhead growth in the industry. Globally, Digital revenue is expected to contribute 60% to the total E&amp;M revenue by 2020, alone. In terms of individual segment market size as a percentage of total E&amp;M revenue, OTT video in India is expected to see the largest gain and reach 5.2% by 2024, closely followed by internet advertising. Segments like advertising and those dependent on physical locations are likely to be further impacted in a negative manner whereas digital E&amp;M spending will increasingly be regarded as a non-discretionary expense. While globally, newspapers and magazines are dropping the free online model and starting to ask readers to pay for quality content online, digital paywalls are yet to become commonplace in India. Furthermore, while India will remain the world’s biggest cinema market in admission terms, cinema revenue in India will contract at a -2.6% CAGR to total US$1.5bn over the next 5 years. Rajib Basu, Partner &amp; Leader – Entertainment &amp; Media, <keyword id="148915" type="COMPANY" weightage="20" keywordseo="PWC-India">PwC India</keyword> said, “ "We find ourselves in extraordinary times, and the pandemic has accelerated ongoing shifts in consumers’ behaviour, pulling forward digital disruption and reaching industry tipping points that wouldn’t otherwise have been reached in the next few years. Our research shows that India will be the fastest growing entertainment and media market globally in terms of pure consumer revenue.” Coming out of COVID-19, a K-shaped bifurcated recovery is expected in which some sectors rise while others fall. Over the next 5 years, the outlook remains highly positive for digital led segments such as OTT, Internet Advertising, Online Gaming and Music &amp; Podcasts that were perfectly positioned to meet consumers where they are in 2020 - predominantly at home and online. However, companies simultaneously have to prepare to meet them where they will be two years from now. They will need to build and maintain direct-to-consumer relationships, offer enough differentiation or scale to compete, and unlock greater value using the right technologies. This is a unique window of opportunity for E&amp;M businesses to transform and make themselves more resilient and relevant for the future.” added Rajib Basu. Top 4 segments to advance rapidly: OTT Video: India holds the most potential of any market in the world and its breakneck rate of growth will see total OTT video revenue overtake South Korea, Germany and Australia to jump to being the sixth-largest market in 2024. Subscription video on demand will be the prime driver of revenue, increasing at a 30.7% CAGR from US$708mn in 2019 to US$2.7bn in 2024. OTT video growth is coming from both inside and outside the home as Internet-connected devices proliferate as the new ‘at-home’ environment has led to the rise of direct-to-consumer apps, local ‘bite-sized’ entertainment platforms and user-generated content (UGC) formats Internet Advertising: India is now the sixth-largest Internet advertising market in the Asia Pacific region. Mobile will be the primary driver of revenue in the Internet advertising market revenue due to increased data affordability, new mobile-first formats, ability to measure, and strategic targeting. Nonetheless, from a global perspective, Internet advertising in India remains underdeveloped and has massive headroom for growth Video, <keyword id="10150756" type="COMPANY" weightage="20" keywordseo="games-e-sports">Games &amp; E-sports</keyword>: Gaming and e-sports are capitalizing on the need to bring live experiences into the home in more personalized and more engaging ways. E-sports represented less than 1% of overall market in 2019, but has become one of the fastest growing segments today with a projected 33% CAGR by 2024. However, despite surging growth and enormous potential, the sector tackles with the biggest challenge of low levels of app monetisation Music, Radio &amp; Podcasts: Podcast industry was already experiencing rapid growth prior to the COVID-19 outbreak. Fuelled by the uptake of music-streaming brands, the overall space is expected to grow at a 13.5% CAGR, to total revenue of nearly US$1.7bn in 2024. India will also see strong increase at a 30.4% CAGR in its monthly podcast listener base over the next five years, supported by entry of foreign players and original content on topics including news, society and culture As the industry navigates into the post-pandemic world, one can witness new opportunities for capturing growth: Players bolster subscription offerings - With consumers increasingly paying a monthly fee to access a library of entertainment content, such as films, music, content, fitness etc., <keyword id="126927" type="ORGANIZATION" weightage="20" keywordseo="Media-and-Entertainment">media and entertainment</keyword> industry players are catching on to the value of subscription based models to bring in business. Optimising revenue mix or pricing models to emerge more resilient and capture a bigger share of the wallet will be the focus Physical events look for digital alternatives - Another opportunity made more compelling by the pandemic is bringing live experiences into the home in a more personalized and engaging manner. Digital spaces—e-commerce platforms, virtual event spaces, gaming channels, podcasts—are evolving into powerful new platforms for marketing. Creating new content propositions will help realise new revenue streams OTT will thrive in 2020 as cinema and traditional TV degrow - OTT sector will directly benefit from the closure of cinemas, as some film studios choose to fast-track new releases to home video platforms. Since OTT platforms offer convenience and accessibility to consumers who are likely to hold on to their new habits of streaming ‘at home’, global SVOD revenue may overtake box office spend very soon Landmark acquisitions are out; buying growth and cash flows are in – As companies look for ways to navigate barriers, strategic investments &amp; alliances in search of scale and growth will be crucial to determine success in the E&amp;M media industry

India’s E&M industry expected to grow at a CAGR of 10.1% to reach US$55 billion by 2024: PwC India Report

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Toby Melville</div></div></div><ul class="summary-list"><li>Stocks are making an early attempt to recover from six straight days of steep declines. </li><li>According to strategists at Bank of America Merrill Lynch, it may not be time yet to buy the dip. </li><li>In a note to clients, they shared two sectors that would indicate whether bond yields have peaked, and seven ways investors can sell the rally.</li></ul><a href="https://www.businessinsider.com/category/stock-market">Stocks</a> are in the early stages of a <a href="https://www.businessinsider.com/global-markets-sell-off-pauses-as-asia-and-europe-rally-2018-10">comeback</a> after six days of relentless selling. In the week through Thursday, the S&amp;P 500 shed 6% in its longest streak of losses since the days leading up to the November 2016 election. The tech-heavy Nasdaq lost the most with a 7% drop.It's still anyone's guess whether the worst of the selling is over for now. Over at Bank of America Merrill Lynch, Michael Hartnett, the chief investment strategist, isn't advising clients to rush all-in and buy the dip. One reason is the bank's Bull &amp; Bear indicator. It's a contrarian indicator, meaning that it triggers a buy signal when it swings into "extreme bearish" territory. When <a href="https://www.businessinsider.com/us-stock-market-has-gone-parabolic-sending-bullish-signal-2018-1">stocks surged</a> at the beginning of 2018, the indicator veered into "extreme bullish" territory, triggering a sell signal that <a href="https://www.businessinsider.com/stock-market-sell-signal-bank-of-america-warns-as-equities-tumble-2018-2">foretold the correction</a>.The indicator fell to 3.3 this week, in bearish but not the "extreme bearish" territory that would be a buy signal. "Hedge fund/CTA capitulation in risk assets needed to stab Bull &amp; Bear indicator below 2.0 i.e. into buy risk assets for next 3 months zone," Hartnett said. To that end, he remained "fundamentally bearish" on two <a href="https://www.businessinsider.com/stock-market-sell-off-wall-street-on-causes-and-recommendations-2018-10">factors that have been touted as the drivers of this sell-off</a>: peaking earnings growth and monetary policy tightening from the Federal Reserve."Watch homebuilders (the "tell" in recent months)/REITS/utilities for signs of peak yields," Hartnett said. "We respect technicals and seasonality but will sell the rally."He further laid out seven ways to play out this idea:<ul><li>Long AAA-rated assets</li><li>Long <a href="https://markets.businessinsider.com/bonds">T-bills</a></li><li>Long <a href="https://markets.businessinsider.com/commodities/oil-price?type=WTI">crude oil</a>, China stocks</li><li>Short debt (corporate bonds, private equity)</li><li>Short EM bonds</li><li>Long fiscal stimulus (UK &amp; Italian small cap)</li><li>Long <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a></li></ul>Get the latest Bank of America stock price<a href="http://markets.businessinsider.com/stock/BAC-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/wikipedia-founder-jimmy-wales-donald-trump-backlash-is-coming-2018-9">Wikipedia founder Jimmy Wales: There's going to be an 'enormous backlash' against Donald Trump's lies</a></h3> <div> </div> </div>

Bank of America shares its investing playbook for raking in profits as stocks make a comeback

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Stringer Iraq/Reuters</div></div></div>Oil prices have been on a rollercoaster ride over the last year. West Texas Intermediate (WTI) oil tumbled late in 2014 from over $100 (£64.78) per barrel to just around $45 per barrel early this year. After a recovery back to around $60 per barrel during the early summer, prices have gone through the floor again, down to $45.12 again today.But it could go even lower.The price of a barrel of oil could go to just $20 soon, according to Goldman Sachs analysts led by global commodities research chief Jeffrey Currie.There's a huge surplus of oil in the world, put down to both buoyant supply and weaker demand, and that could leave prices at levels not seen in decades. Here's a snippet from Goldman's latest note on oil:The oil market is even more oversupplied than we had expected and we now forecast this surplus to persist in 2016 on further OPEC production growth, resilient non-OPEC supply and slowing demand growth, with risks skewed to even weaker demand given China's slowdown and its negative EM feedback loop... While not our base case, the potential for oil prices to fall to such levels, which we estimate near $20/bbl, is becoming greater as storage continues to fill.That's the level oil was at for most of the 1990s - though of course, $20 then was worth more than $20 now. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Finviz.com" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/55f28302dd0895ac788b4599-960/screen shot 2015-09-11 at 7.36.08 am.png"></a>Finviz.com</div></div></div>Goldman's base case - its most likely scenario - is that WTI oil prices are at $38 in one month and $45 in 12 months. That's a serious cut, from forecasts of $45 in once month and $60 in 12 months previously.Effectively, the bank is now saying that US oil producers need to go out of business for oil to rebound again, since the analysts "believe the market requires non-OPEC production to shift from our prior expectation of modest growth to large declines in 2016."But that's not certain at all - US producers have been surprisingly resilient to the plunge in oil prices that began at the end of 2014. WTI is now sitting at below half the level it was for most of 2014. When prices recovered a little earlier this year, US producers began to bounce back, and <a href="http://www.businessinsider.com/baker-hughes-rig-count-september-4-2015-9">the decline in rig numbers reversed</a>. Goldman's note says that's probably had an impact on the world's major producers, who would like to squash the American oil industry: OPEC's resolve in growing market share has likely strengthened following the pick-up in US activity that occurred this summer once WTI prices returned to $60/bbl. Despite the fiscal challenges that low oil prices create for OPEC producers, the alternative of reducing production would similarly undermine long-term revenues.In short, Saudi Arabia and the world's other major oil nations are willing to wait it out and keep the supply up. With Iran's nuclear deal looking relatively likely, there'll be another major source of oil producing more in the near future.The analysts also show that a long period of lower prices is possible with a chart of how much it costs different producers to make a barrel of oil: <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Goldman Sachs" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/55f28302dd0895ac788b459a-960/screen shot 2015-09-11 at 8.11.25 am.png"></a>Goldman Sachs</div></div></div>There's a steep climb, and some fields would have to go heavily into debt or shut down if prices plunged to such a low level. But much of the production can be done with oil prices below $25 or ever below $20 per barrel. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/floyd-mayweather-koenigsegg-4.8-million-car-money-boxing-2015-8">Floyd Mayweather just spent $4.8 million on one of the fastest cars in the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1zbTQ3dzqpHPgWF9SU47Z800eUPuTDvk" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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