Citigroup: OPEC+ production increase may drag oil prices down to $50 or even lower levels.

"If OPEC+ decides to increase production further, Brent crude prices may fall back to over $50 per barrel or even lower levels," analysts including Anthony Yuen from Citigroup wrote in a report. The bank stated that its short-term forecast for Brent crude of $60 per barrel has been met, and it could soon drop into the range of over $50.