Oil prices may not be done crashing after all.Goldman Sachs thinks crude oil's late January surge back above $34 a barrel was a mere head fake.

The elite Wall Street firm believes oil prices are poised to plunge to new lows below $26 a barrel -- despite talk of OPEC coming to the rescue by cutting production."It may already be too late for OPEC producers to be able to prevent another large decline in prices," Goldman analysts wrote in a research report published on Sunday.Goldman pointed to the fact that it would take too long to enact such production cuts and oil stockpiles around the world are swelling.The skepticism from Goldman and other oil watchers helped drive crude 6% lower on Monday to around $31.75 a barrel.