Monday, August 15, 2022

Oil prices are expected to fall to 65 65 a barrel by the end of this year

US experts predict a fall in oil prices later this year.

The US financial institution Citigroup has warned that in the event of a recession, the price of crude oil could fall to 65 65 per barrel by the end of this year, while the price is likely to fall to 45 45 per barrel by the end of 2023.

According to Bloomberg, Citigroup, Francisco Martusia and Ed Morris in a joint report compared the crisis of the 70’s and the current market situation.

Experts say the situation could escalate further if the oil-producing and exporting organization and its allies do not intervene or reduce investment.

Analysts say historical evidence suggests that only in the event of a global recession does oil demand decline, while in other recessions it usually falls to a certain extent.

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