Citi lowers its Q4 2024 Brent forecast to US$70/bbl (from $74/bbl)

Info comes via Reuters, updating the Citi outlook for oil. Lowers 0-3 month Brent oil target price to $70/bbl (from $74/bbl)Lowers Q4 2024 Brent forecast to $70/bbl (from $74/bbl)Recent Israel military action is unlikely to be seen by the market as leading to an escalation that impacts oil supplyWe expect a lower geopolitical risk premium in our base case, than we previously assumed Oil gapped lower in Sunday evening (US time) futures trade:Oil update - Brent (futures) circa $72Israel strikes on Iran look designed to minimize the chance of retaliation This article was written by Eamonn Sheridan at www.forexlive.com.

Citi lowers its Q4 2024 Brent forecast to US$70/bbl (from $74/bbl)

Info comes via Reuters, updating the Citi outlook for oil.

  • Lowers 0-3 month Brent oil target price to $70/bbl (from $74/bbl)
  • Lowers Q4 2024 Brent forecast to $70/bbl (from $74/bbl)
  • Recent Israel military action is unlikely to be seen by the market as leading to an escalation that impacts oil supply
  • We expect a lower geopolitical risk premium in our base case, than we previously assumed

Oil gapped lower in Sunday evening (US time) futures trade:

This article was written by Eamonn Sheridan at www.forexlive.com.