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.