Citi keeps Brent oil forecast at $120 amid thorny US-Iran talks
Updated
Updated · Reuters · May 8
Citi keeps Brent oil forecast at $120 amid thorny US-Iran talks
10 articles · Updated · Reuters · May 8
The bank said Brent should average $110 in the second quarter, then ease to $95 in the third and $80 in the fourth.
Citi expects Strait of Hormuz disruption to ease by end-May, but said a harder U.S.-Iran deal has raised near-term upside and tail risks for crude.
It said inventory drawdowns, SPR releases, weaker demand, de-escalation signs and China's imports falling to about 9.2 million bpd have helped limit market stress.
As experts clash on oil's future, what overlooked factor will determine the market's true direction?
Beyond the gas pump, how could the Hormuz crisis permanently disrupt global food supplies and ignite wider economic turmoil?
With strategic oil reserves dwindling, what is the world's last line of defense against a full-blown energy crisis?