Analysts at Citigroup forecast a fall in oil prices below $80 a barrel, even despite the reduction in production of raw materials by OPEC countries to support the market, writes Bloomberg. The cost of oil will fall as the recovery of business activity in China is slower than previously expected, and the prospect of an economic downturn in the West undermines the demand for energy. says head of research on commodities Citigroup Ed Morse. Most likely, the market will not see an increase in demand for oil from China until the end of the year.

In addition, according to Ed Morse, investors may underestimate the growth of production in Iraq and Venezuela, which could offset the reduction agreed to this month by members of OPEC and its allies. This factor will also negatively affect the dynamics of oil quotations.

At the trading session on April 11, the cost of June futures for Brent oil at ICE Futures exchange increased by 0.4% and reached $84.5 per barrel as of 13:01 Moscow time. The price of WTI crude futures for May delivery on the New York Mercantile Exchange rose 0.4% to $80.1 a barrel.

Earlier, we reported that natural gas futures fell in price during the U.S. session.