• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 1 hour 60 mph electric mopeds
  • 4 mins COVID 19 May Be Less Deadly Than Flu Study Finds
  • 5 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 4 hours China to Impose Dictatorship on Hong Kong
  • 28 mins Russia loses its chance to capture the EU gas market
  • 5 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 7 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 6 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 10 hours Iran's first oil tanker has arrived near Venezuela
  • 43 mins So the President is on that Hydroxy
  • 4 hours Let’s Try This....
  • 4 hours DEFIANCE – There are More of Us Than Them
  • 18 hours Ventura County to Replace Natural Gas Generation with Battery Storage
Oil Jumps 11% On Signs Of Demand Recovery

Oil Jumps 11% On Signs Of Demand Recovery

U.S. benchmark oil prices surged…

The Oil Rally Is Running On Fumes

The Oil Rally Is Running On Fumes

Oil prices rallied on Monday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Citi: Brent Oil Could Fall To $47 As Demand In China Crashes

Citigroup has slashed its oil price forecasts for three of the quarters this year and doesn’t rule out Brent Crude sliding to as low as $47 a barrel as the bank now sees the impact of the coronavirus on oil demand—and the economy in general—as being more severe than initially thought.

Citi slashed its forecasts for commodity prices across the board, with crude oil getting the steepest downgrade, the investment bank said in a note, as carried by Bloomberg.

Citigroup now sees Brent Crude averaging $54 a barrel in Q1, down by a massive $15 from the previous forecast of $69. The forecast for WTI Crude prices was slashed to $50 a barrel this quarter, also down by $15 from a previous estimate of $65 per barrel.  

The bank also cut its estimates for the following two quarters this year, expecting the impact of the coronavirus outbreak to be longer and to linger across the global oil market until the fourth quarter.

Citi sees Q2 Brent Crude prices at $50, down from a previous forecast of $68 a barrel. Third-quarter Brent Crude prices are now expected at $53, down from $63 a barrel. For Q4, Citigroup revised up its forecast to $58 from $57 a barrel.  

At 07:30 a.m. EDT on Monday, Brent Crude was down 0.57 percent at $56.32, while WTI Crude was up 0.02 percent at $51.57 in skittish trade as the market continues to grapple with fears of oil demand destruction due to the virus amid talks that OPEC is considering moving up its March meeting to mid-February and even cutting production by another 500,000 bpd to keep oil prices from falling further.  

The market is also digesting reports of China’s oil demand falling by 20 percent due to the virus.

“With this in mind the market will keep a close eye on OPEC this week for signs of price support through additional measures to curb supply,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said on Monday.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mitesh Dhanani on February 04 2020 said:
    As to the prices of the goods are to very high they should have some steady prices,but changing every third to fourth day it's not worth changing the prices of the goods every week or fifteen day it's fine.As the whole world is facing problem, not one country

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News