Oil: Q1 2020 price forecast cut by $15/ barrel – Citibank

Analysts at Citi group slash their oil price forecast for the first quarter of 2020, in its latest client note released on Monday.

Key Quotes:

“The coronavirus outbreak has drastically shifted the economic outlook for China and globally

Oil forecast cut by $15 per barrel to $54 per barrel.

Iron ore may fall to 70$ per tonne.

Forecasts lower for other metals also; they may see a rebound in H2 of this year.

Coronavirus impact may peak in Q1.”