It appears that Brent is heading towards a weekly decline of about 2%.
JP Morgan Chase had predicted that oil prices would shoot up as high as $190 a barrel in 2025.
OPEC+ has not decided on whether to extend the record supply cut of 9.7 million barrels per day.
Oil prices retreated further on Monday, with prices down more than 10% in less than a week.
This year has been a turbulent one for the oil market as crude oil prices went negative for the first time in history.
Oil prices continued dropping as investors and traders weighed on oversupply prospects, dollar strengthening, and refining margins
Crude oil prices, against earlier predictions, surged past the $40 per barrel mark in the early hours of Wednesday – the highest in almost 3 months.
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