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Oil Prices likely to Consolidate Near Current Levels: Citigroup

OIL

Oil prices are likely to consolidate near current levels after their recent drop according to a note from Citigroup.

  • There could be upside risks to prices in the short-term after the recent selloff but for 2024 “global oil balances still look weighty.”
  • The market could switch back to a global inventory draw, although at a much smaller level than seen during Q3 2023.
  • Bearish data from China and an increase in OPEC+ exports from August levels have contributed to weaker fundamentals for both supply and demand.
Energy BulletsCommodities
Energy BulletsCommodities

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