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.
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.