A note from Citi on oil on Wednesday (swamped by the CPI and Fed news), paints a not very pretty picture for oil bulls.
forecast Brent crude to US$74/bbl in Q42025 opening at $65/bbl2025Q2 and Q3 to to $60 ending 2025 at $55price projections for WTI are around US$4/bbl lower
Citing:
sees global oil balances moving into a “meaningful surplus” even if OPEC+ extend production cuts through to the end of 2025it’ll be even worse if the cartel unwinds some of the cuts, Citi says a “very large surplus” will follow
More here.
This article was written by Eamonn Sheridan at www.forexlive.com.
