Citigroup Sees Brent Prices at $105 Over Next 3-Months
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Analysts at Citigroup expect Brent oil prices will average $105 in the next three months, $113 this year and $99 in 2013. The forecasts are unchanged from the bank’s earlier estimates. Analysts also noted that Brent oil prices appear to be capped at $120.
In the report, Citigroup said they believe a fourth-quarter "supply boost in both non-OPEC and OPEC crude, combined with continued U.S. and Canadian supply growth, keeps the end of 2012 well supplied."
Analysts see worldwide oil use at 89.7 million barrels a day, less than a July forecast of 90.1 million.
In the report, Citigroup said they believe a fourth-quarter "supply boost in both non-OPEC and OPEC crude, combined with continued U.S. and Canadian supply growth, keeps the end of 2012 well supplied."
Analysts see worldwide oil use at 89.7 million barrels a day, less than a July forecast of 90.1 million.
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