Wall Street analysts at Citi have predicted that a deficit in the oil markets driven by OPEC’s recent decision to delay tapering in oil production cuts as well as the ongoing suspension of Libyan oil exports will temporarily offer support for Brent prices in the $70-$75/barrel range in Q4 2024, as reported by Reuters. However, Citi has warned of "renewed price weakness" in 2025, with Brent on a path to $60 per barrel thanks to a surplus of one million barrels per day. Oil prices have rallied over the past week, with dated Brent for…
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