Mubasher: Citigroup cut its forecasts for Brent crude oil price for 2016 to $40 per barrel.
"Due to fresh Chinese macro concerns and an as yet 'missing' reaction from non-OPEC production volumes, Citi is lowering its 2016 Brent forecast to $40 per barrel to reflect new market realities," the bank said in a note to clients.
Meanwhile, the International Energy Agency (IEA) said on Tuesday that unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016 and could push the price below its current 12-year lows.
