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Citi: Oil Could Sink to $60 as Hormuz Traffic Normalizes
Brent Crude prices could plunge to as low as $60 per barrel by the end of the year, says Citigroup, which expects flows through the Strait of Hormuz to soon normalize and the U.S. and Iran to reach a deal in the coming months.
AI Summary
Citi analysts predict a potential decline in oil prices to $60 per barrel by the end of the year. This forecast is based on the expected normalization of traffic through the Strait of Hormuz and a potential deal between the US and Iran. The analysts believe that the incentives for de-escalation will outweigh the alternative, leading to a successful agreement. The recommendation to sell any summer rallies and forecast a price drop to $60-$65 per barrel by the end of the year underscores the analysts' confidence in this prediction.
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