Oil Price Could Drop to $5 per Barrel
Miraflores Palace/Handout/Reuters
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Most analysts consulted by Citigroup believe oil price could fall to $20 per barrel or even less, Bloomberg has reported. Citigroup experts have said Brent oil will average $17 a barrel or less during the second quarter of the year. However, the bank also believes oil prices could fall as low as $5 per barrel.

Most experts believe WTI crude oil will likely be priced about $3-5 lower than Brent. They have also highlighted that the low cost of oil could last for several weeks and even till the end of the year.

R. Ramachandran, director of the Indian oil and gas company Bharat Petroleum Corp, thinks oil will fall below $20 by mid-April.

Meanwhile, consulting firm Energy Aspects believes Brent could drop to $10 per barrel in April. However, it also believes prices will probably remain around $20 throughout the year. Stephen Schork, president of the energy consultancy Schork Group Inc, said:

"This is Operation Desert Storm, Enron, 9/11, Hurricane Katrina/Rita, Lehman Bros, combined. And we are waking up to this combo every single day."

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