Oil dipped below $30 again today. As usual dip buyers or shorts covering pushed the price positive for a while. This time, however, the bounce did not last even one day. Oil is flirting with $29 and Junk Energy-Bond Costs Soar.

The cost for U.S. high-yield energy companies to borrow in the bond market soared to the highest level in more than four years as Goldman Sachs Group Inc. said oil may drop below $20 a barrel.

The yield premium investors demand to hold the junk-rated debt sold by energy companies over ultra-safe Treasuries widened to the most since 2012, part of a global rout that has seen stocks tumble toward a bear market and volatility rise amid fears of a worldwide economic slowdown. Crude could drop "into the teens," from about $30 on Tuesday, before supply and demand are brought back into balance, according to Goldman Sachs.