Info comes via Reuters, updating the Citi outlook for oil.
- Lowers 0-3 month Brent oil target price to $70/bbl (from $74/bbl)
- Lowers Q4 2024 Brent forecast to $70/bbl (from $74/bbl)
- Recent Israel military action is unlikely to be seen by the market as leading to an escalation that impacts oil supply
- We expect a lower geopolitical risk premium in our base case, than we previously assumed
Oil gapped lower in Sunday evening (US time) futures trade:
