Crude could nosedive if the global economic slowdown hurts demand, Citi analysts predict Crude oil could plunge to $65 per barrel this year and fall further to $45 by the end of 2023 if a global recession cripples demand, Citigroup warned on Tuesday. “For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” the bank’s analysts said in a note, seen by Bloomberg. “But oil prices fall in all recessions to roughly the marginal cost,” they indicated. The outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, according
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