from Zero Hedge
Morgan Stanley’s Adam Longson has been one of the most bearish sellside analysts on oil, and overnight he confirmed he isn’t going to change his opinion any time soon, and instead warns that while “a profit taking and short covering bounce in oil late in the week has led some to declare that the troubles are behind us” he believes that “very little has been addressed fundamentally to correct these problems. Greater headwinds lay ahead, especially for crude oil. In fact, we would argue that recent price action and developments may have exacerbated the situation.” Putting a number to his call: oil will slide to $35 in the next 1-3 months.