Citi Sees Oil Prices To Likely Ease Further To An Average Of $60/Bbl Through 1Q'26
Dec 11 (Reuters) - CITI:
SAYS OIL PRICES WILL LIKELY EASE FURTHER TO AN AVERAGE OF $60/BBL THROUGH FIRST QUARTER OF 2026 AS STOCKBUILDS MATERIALIZE IN OECD INVENTORIES
SAYS "WE WERE BEARISH ON OIL PRICES THROUGH 2024-25, TARGETING $60 BRENT BY END-'25, NOW MOVING TO NEUTRAL FOR 2026"
SAYS "WE ARE NEUTRAL, RANGEBOUND VIEW FOR 2026 IN OUR BASE CASE, SEEING AN AVERAGE OF $62/BBL BRENT FOR THE YEAR, WITH PRICES MOSTLY IN A $55-65/BBL BRENT RANGE"
SAYS "OUR BULL CASE, WITH REALIZED GEOPOLITICAL SUPPLY DISRUPTIONS, IS FOR $75/BBL BRENT" FOR 2026
SAYS "OUR BEAR CASE, WITH GEOPOLITICAL DEALMAKING, LESS CHINA BUYING, MORE OPEC+ SUPPLY AHEAD OF US MIDTERMS, IS FOR $50/BBL BRENT" FOR 2026
SEES OPEC+ AS MORE SUPPORTIVE OF ABOUT $60 OIL THROUGH 2026-27, AMID PROJECTED OVERSUPPLIED MARKETS BUT CONTINUED GEOPOLITICAL UNCERTAINTY, WITH BASE CASE FOR NO FURTHER UNWINDS THROUGH 2026-27
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