Even if some think oil could prove resilient in 2012, there's still a good possibility the prices will tumble. It's true that oil supplies could recover in 2012 with production picking up in Libya and stabilizing in the North Sea and West Africa.
But Morgan Stanley sees demand slowing, with prices expected to fall in the first half of 2012. In its bear case, it expects prices to fall to $75 a barrel next year.
