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Citi says Brent crude oil could fall as low as $50/barrel
Citi forecasts oil prices could drop to $60 per barrel next year if OPEC+ doesn't increase production cuts. • Then, from $60, prices could fall further to $50 before rebounding, influenced by financial flows. • Geopolitical tensions are having minimal long-term impact on oil prices, with weaker rebounds after each spike. • Markets now see these tensions as opportunities to sell during temporary price increases. • Citi warns OPEC may lose market confidence in defending $70 oil if output cuts aren’t extended. • Citi has issued similarly negative forecasts before, which have sometimes been wrong. • In ... (full story)
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- Posted: Sep 4, 2024 10:09pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 159
