Analysts expect a drop in oil prices to $ 5-17

18 out of 20 analysts believe that the price of oil could drop to $20 or lower, Bloomberg reports. Citigroup expertsstated that a barrel of Brent in the second quarter of 2020 will be trading at an average of $ 17 or lower. The bank also suggests that oil prices could fall to $ 5.

Most experts believe that brand oilWTI will likely be trading at $ 3-5 below Brent. Experts also noted that the low cost of oil can last for several weeks, and until the end of the year.

Ramamufri Ramachandran, director of the Indian oil and gas company Bharat Petroleum Corp, believes that oil will break the $ 20 mark already in mid-April.

Energy Aspects, a consulting firm, noted that Brent could drop to $ 10 per barrel in April - however, according to its forecast, prices will most likely remain at $ 20 in 2020.

Steven Shork, head of Schork Group Ink Energy Consulting, said:

“This is Operation Desert Storm, Enron, 9/11, Hurricanes Katrina / Rita and Lehman Bros combined. And we wake up with this combo every day. ”

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