Oil prices are heading lower. In a note Monday, Ed Morse, global head of commodity research at Citi, wrote that with evidence of oversupply in the oil market, the bottom is not yet in for oil prices. "It’s impossible to call a bottom point," Morse wrote, "which could, as a result of oversupply and the economics of storage, fall well below $40 a barrel for WTI, perhaps as low as the $20 range for a while." "The oil market should bottom sometime between the end of Q1 and beginning of Q2 at a significantly lower price level in the $40 range — after which markets should start to balance, first with an end to inventory ... (full story)