Oil prices rose 28% in Q4 last year, but Citi analysts don’t expect crude to stay high.

Brent International futures fell over 2% to $88.82 per barrel, while West Texas Intermediate fell over 2% to $88.82.

OPEC+ production cuts and supply cuts by Saudi Arabia and Russia have raised oil prices through year-end.

Non-OPEC+ countries like the US, Brazil, Canada, and Guyana are producing more, while Venezuelan and Iranian exports are also increasing.

Goldman Sachs has boosted its price target to $100 per barrel oil.