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Brent Could Test $90/bbl Over Next Weeks: Citigroup

OIL

Brent prices could test $90/bbl over the next weeks, Citigroup said in a note, cited by OPIS.

  • Citi assigned "moderate probability" of Brent rising to $88-$90/bbl should bullish momentum continue into the second quarter.
  • The bank said clarity on a further directional breakout is possible into month-end. Strength in time spreads could support rolling long positions into future months and noted rising interest in call options for crude.
  • "While financial flows can be fickle and this hardly mirrors the volume shock observed last October ... it appears to be the first legitimate opportunity in several months for ICE Brent to test $90/bbl," the bank said.
Energy BulletsCitigroup Market NewsHomepageBulletCommodities
Energy BulletsCitigroup Market NewsHomepageBulletCommodities

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