Fuel prices are displayed at a petrol station in Munich, Germany. Citigroup sees Brent declining to $60 a barrel by the end of this year. EPAFuel prices are displayed at a petrol station in Munich, Germany. Citigroup sees Brent declining to $60 a barrel by the end of this year. EPATraders brace for another Opec+ output increase this weekend
Oil prices are hovering near four-month lows, with Brent crude at $72.19 a barrel, as the war premium fades following the US-Iran ceasefire.
Citigroup forecasts Brent declining to $60 a barrel by year-end, citing normalising shipping, softer Chinese buying and weaker-than-expected inventory draws.
The six-month Brent spread turned negative this week, tipping the market into contango for the first time in months, signalling a shift from deficit to surplus.
The UAE has resumed oil exports at the fastest pace among Gulf exporters, with shipments climbing nearly 30 per cent last month to near their highest since 2017.
