"Citi Says Oil's Rally Should Fizzle On Supply From Outside OPEC+" - BNN Bloomberg
Portfolio Pulse from Benzinga Newsdesk
Citigroup Inc. predicts that oil prices will ease due to an increase in supply from countries other than OPEC+ leaders Saudi Arabia and Russia. The bank suggests that while prices may temporarily exceed $100, they are likely to settle around $90 due to the extra supplies. This could lead to a reduction in the price of key fuels such as gasoline and diesel. The supply from outside OPEC is expected to increase by 1.8 million barrels a day this year and another 1 million barrels a day next year, including boosts from Canada, Brazil, Argentina, Guyana, Norway, and the US.
September 18, 2023 | 12:54 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The United States Oil Fund (USO) could be impacted by Citigroup's prediction of easing oil prices. If the prediction proves accurate, it could lead to a decrease in the value of the fund.
The United States Oil Fund's value is directly tied to the price of oil. If Citigroup's prediction of easing oil prices proves accurate, it could lead to a decrease in the value of the fund.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Citigroup's analysis of the oil market could influence investor sentiment towards the bank's stock. If the prediction proves accurate, it could enhance the bank's reputation for market insight.
Citigroup's stock price may not be directly impacted by this news. However, if their prediction proves accurate, it could enhance their reputation for market insight, potentially attracting more clients and investors.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70