Citi Says It Maintains Baseline Forecast For $74/Barrel Brent In Q4'24, $65/Barrel During Q1'25, Raises Bull Case Scenario For Oil Prices For Q4'24, Q1'25 To $120/Barrel From $80/Barrel; Maintains Bear Scenario, Which Includes OPEC+ Raising Production Starting In December
Portfolio Pulse from Benzinga Newsdesk
Citi maintains its baseline forecast for Brent oil prices at $74/barrel in Q4 2024 and $65/barrel in Q1 2025. The bank raises its bull case scenario for oil prices to $120/barrel for both quarters, while maintaining its bear scenario, which includes OPEC+ increasing production starting in December.
October 14, 2024 | 5:49 pm
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NEUTRAL IMPACT
Citi maintains its baseline forecast for Brent oil prices and raises its bull case scenario, indicating potential volatility in oil markets.
Citi's forecast adjustments suggest potential volatility in oil markets, which could impact its financial services related to commodities trading. However, the direct impact on Citi's stock is neutral as the forecast is part of regular market analysis.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Citi's revised oil price forecasts could impact USO, an ETF tracking oil prices, especially with the raised bull case scenario.
USO, an ETF tracking oil prices, is likely to be impacted by Citi's revised forecasts, especially the raised bull case scenario. This could lead to increased investor interest and potential price movements in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70