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<Research>Citi Reiterates Brent Oil 4Q25 Forecast at USD63; Oil's Bearish Fundamentals to Regain Focus Next Qtr
Recommend 27 Positive 36 Negative 22 |
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Brent oil futures surged to around USD80 per barrel after the US attacked Iran's Fordow nuclear facility, according to Citi's research report. Iran then retaliated against a US base in Qatar, but tensions soon eased as the White House announced a ceasefire between Iran and Israel and that China could resume purchasing Iranian oil, sending Brent oil futures back down to around USD67 per barrel. In Citi's opinion, the market appears to be pricing in a sharp decline in geopolitical risks even though the road ahead may still be bumpy. The bearish fundamentals for oil prices, especially from 3Q onward, will once again be in the market spotlight, even if OPEC+ decides on the extent of production recovery in August during the meeting early next month. Citi reiterated its outlook for Brent oil futures at USD66 per barrel in 3Q and USD63 per barrel in 4Q. AAStocks Financial News |
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