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OIL: Oil Could Rebound if OPEC+ Defends $70/bbl Price Level: Citigroup

OIL
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Oil prices could be near a low of around $70 to $72/bbl on hope that OPEC+ could defend the range and with technical support since early 2023, according to Citigroup cited by Bloomberg.

  • “Positioning, after the price flush last week, could provide some opportunity for rebound, potentially to near $80/bbl.”
  • “If OPEC+ does not provide reassurance that current output cuts would be extended more indefinitely, then the market could lose faith in OPEC+ defending the $70/bbl level.”
  • The market looks oversupplied in 2025 and prices could average $60/bbl unless OPEC+ cuts deeper while “financial flows could push prices further, potentially to the $50/bbl before potentially rebounding.”
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Oil prices could be near a low of around $70 to $72/bbl on hope that OPEC+ could defend the range and with technical support since early 2023, according to Citigroup cited by Bloomberg.

  • “Positioning, after the price flush last week, could provide some opportunity for rebound, potentially to near $80/bbl.”
  • “If OPEC+ does not provide reassurance that current output cuts would be extended more indefinitely, then the market could lose faith in OPEC+ defending the $70/bbl level.”
  • The market looks oversupplied in 2025 and prices could average $60/bbl unless OPEC+ cuts deeper while “financial flows could push prices further, potentially to the $50/bbl before potentially rebounding.”