According to Citibank’s newest oil forecasts, Brent oil prices are expected to average $71.00 per barrel in 2021, while WTI prices are expected to fall to $69 per barrel during the same year.
The US bank also slashed its 2022 oil benchmark price projection by $4.
On near-term tight fundamentals through 2H2022, we lower our Brent-WTI projection from $3 to $2 for the second half (2H) of 2021 and 2022.
OPEC+ countries are expected to give in to pressure to add additional oil to the market at a larger level than envisaged, resulting in postponed prices falling even further under the weight of increased production.
WTI Price Analysis: Bulls Struggle Near Fibonacci Retracement of 23.6 Percentage
These pages include forward-looking statements that are subject to risks and uncertainties. This page’s market and instrument profiles are for educational purposes only and should not be construed as a suggestion to purchase or sell these assets. Before making any financial decisions, you should conduct your own thorough investigation. FXStreet makes no representations or warranties that this information is free of errors, omissions, or serious misstatements. It also doesn’t guarantee that the information is accurate or up to date. Investing in the open markets carries a high level of risk, including the loss of all or part of your money as well as mental pain. You are responsible for all risks, losses, and costs connected with investing, including total loss of money. The writers’ views and opinions in this article are their own and do not necessarily reflect FXStreet’s or its advertisers’ official stance or viewpoint. The author will not be held liable for any content found at the end of any of the links on this page.
Unless otherwise stated in the body of the post, the author has no position in any of the stocks discussed in this article and has no commercial affiliation with any of the companies mentioned. Apart from FXStreet, the author received no remuneration for authoring this article.
The author and FXStreet do not make individualized suggestions. The author offers no guarantees about the information’s correctness, completeness, or usefulness. FXStreet and the author are not responsible for any mistakes, omissions, or losses, injuries, or damages resulting from the display or use of this information. Errors and omissions are not included.
Nothing in this article is intended to be investment advice, and neither the author nor FXStreet are registered investment advisors.
News from the feed/n
Read More
