Reflecting the sharp reversal in oil's fortunes, Goldman Sachs, which in May had been talking of a $200 a barrel superspike, on Thursday again cut its 2009 forecast for US crude oil to $80 a barrel from $86.
As demand tumbles, oil companies plan to store millions of barrels of crude in the hope economics will improve.
Shipping brokers said US oil trader Koch and Royal Dutch Shell had booked supertankers capable of storing 10 million barrels of crude, more than top exporter Saudi Arabia produces in a day.
The further falls in oil prices brought more Organization of the Petroleum Exporting Countries members out in support of further output cuts.
Libya's top oil official said the cartel may decide to reduce supply further at its informal meeting in Cairo next week if it finds members have implemented a previous decision to lower output.
The comments followed remarks from other OPEC members, including Kuwait, Iran and Venezuela, raising the possibility of a further cut in supply to prop up oil prices.
OPEC agreed in October to cut output by 1.5 million barrels per day, about 5 per cent, from Nov. 1, but the move has failed to stem the decline in oil prices.
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