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Free AccessBrent Could Test $90/bbl Over Next Weeks: Citigroup
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.