Oil costs are already buying and selling at their lowest degree in 4 years after talks between OPEC and its allies deteriorated, and Goldman Sachs world head of commodities analysis Jeffrey Currie mentioned that issues are doubtless going to worsen.

"The subsequent six months are more likely to be painful," he mentioned Tuesday on CNBC's "Halftime Report." "I believe you are going to begin to see some actual issues starting to develop. The stress on the stability sheets have been already there earlier than Monday," he added.

As tensions between Saudi Arabia and Russia accelerated over the weekend, Goldman Sachs slashed its oil worth targets for the second quarter. The agency now sees U.S. West Texas Intermediate crude at $29 per barrel, and worldwide benchmark Brent crude at $30 per barrel. Goldman's prior estimates have been $42.50 and $47, respectively.

On Tuesday, each contracts rose greater than 8%, pushing WTI $33.82, and Brent to $37.13. The spike greater was a stark reversal from Monday's 24% drop, which was oil's worst day...