Barclays slashed its Brent and WTI forecasts for 2016 and said it expected both to average $37 per barrel. The bank previously forecasted $60 and $56 for Brent and WTI, respectively.

Macquarie cut its average 2016 Brent price forecast by 24 percent to $44.5 per barrel.

BofA cut its average 2016 forecast for Brent to $46 per barrel from its prior view of $50 and West Texas Intermediate (WTI) to $45 from $48 per barrel.

SocGen revised its 2016 Brent forecasts by $11.25 to $42.50 and trimmed its West Texas Intermediate (WTI) outlook by $9.25 to $40.50 per barrel.

A brutal new year selloff in oil markets quickened on Monday, with prices falling 6 percent to 12-year lows as further ructions in the Chinese stock market threatened to knock crude as low as $20 a barrel. [OR]

For a factbox on 2015 price forecast changes click

The following is a list of brokerages' latest forecasts for Brent and WTI.

Prices are per barrel and outlooks are listed by the date of the revision:

Brokerage Brent WTI Date Revised

2016 2017 2016 2017

Barclays $37 $37 Jan. 11

Macquarie $44.5 $61.25 NA

BofA $46 $61 $45 $59 Jan. 11

SocGen $42.50 $40.50 Jan. 11

ABN Amro $50 $60 $50 $60 Jan. 8

Bernstein $50 $48 Jan. 4

(Reporting by Kevin Jose in Bengaluru; Editing by Peter Cooney)