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.
