Huaqi lowered its oil price forecast for this year and next, worried about oversupply

Citi Research cut its Brent crude oil price forecast for this year and 2025 on Friday, citing concerns about oversupply, but expects oil prices to remain above $70 per barrel in 2024 as OPEC+ will maintain a “fine balance” in the global oil market. Citi lowered its 2024 Brent crude oil price forecast by $1 to $74/b and its 2025 forecast by $10 to $60/bbl. But the bank said the recent Red Sea crisis has led to further tensions in the Middle East, and risk premiums could rise in the short term.

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