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- Oil prices may fall by more than $ 30 a barrel from current levels, says Citi
Oil prices may fall by more than $ 30 a barrel from current levels, says Citi
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Loading...In a statement Monday, analysts at Citigroup say that possible price West Texas Intermediate oil could fall to the low price around $ 20. Prices of the New York Mercantile Exchange has already suffered losses of 46% last year.
But lately rallies and protests seem more like "head fake and sustainable turning point," said Citi analysts led by Edward Morse.
The oil market should have a bottom somewhere between the end of the first quarter and early in the second quarter, the excess is key, said Citi analysts.
"Not possible to relate is to reach the lowest point," says Citi. But this does not prevent investors trying. Nymex Oil is not established at the level of $ 20 since 2002.
Citi cut its forecast for 2015, WTI oil prices to reach $ 46 a barrel from a previous forecast of $ 55 and reduced the price of Brent crude in 2015 to $ 54 a barrel from $ 63.
Citi's analysts are not the only and the first to work on tax gloomy forecast for oil and bank of Wall Street.
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