Updated
Updated · Bloomberg · Jul 3
Citi Sees Brent Oil Falling to $60 by Year-End as Hormuz Disruptions Ease
Updated
Updated · Bloomberg · Jul 3

Citi Sees Brent Oil Falling to $60 by Year-End as Hormuz Disruptions Ease

3 articles · Updated · Bloomberg · Jul 3

Summary

  • $60 a barrel is Citigroup analysts' year-end target for Brent, with the bank saying crude's recent decline could deepen in the second half.
  • Easing Strait of Hormuz disruptions underpin that call as shipping flows normalize, reducing one of the main supports that had lifted prices.
  • Citi said demand and physical-market signals have also turned weaker: Chinese buyers remain absent, spot crude markets have softened sharply, and inventory draws have been far smaller than expected.
  • The forecast adds to a broader run of bearish oil outlooks, suggesting traders are refocusing on supply-demand fundamentals rather than geopolitical disruption.

Insights

Amid a global oil crisis, why does Citigroup forecast a shocking price crash?
What secret diplomatic deal could justify Citigroup's optimistic oil price forecast?