Even as many of its peers are betting crude as low as USD 10-20, British brokerage major HSBC sounded a tad optimistic but has pegged down the average Brent crude prices at USD 45 a barrel for 2016 from USD 60.
Oil prices fell 3 percent on Monday as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.
With crippling international sanctions against Iran ending, India is looking to increase crude oil imports from the Persian Gulf nation and get oilfield contracts but faces an immediate USD 5.8 billion payout in past oil dues.
Iran is ready to increase its crude oil exports by 500,000 barrels a day, the deputy oil minister said on Sunday, hours after international sanctions on Tehran were lifted, removing an obstacle to exports.
Oil prices plummeted to $29 a barrel on Friday on the impending resumption of Iranian oil exports into an already flooded market as international sanctions against the country are lifted, dragging equity indexes around the world sharply lower.