Citi has forecast that oil prices will average $86 per barrel in the second quarter, slightly higher than current Brent price at $83 per barrel, but fall to $74 per barrel in the third quarter
Oil prices have pulled back sharply to a three-month low as a combination of demand concerns and easing geopolitical premium take a toll. Last week, the Energy Information Administration's EIA reported that U.S. crude inventories declined by 1.362 million barrels, smaller than the Wall Street consensus at 1.430 million barrels. The smaller-than-expected fall came hot on the heels of a large 7.3M-barrel build in U.S.
50% of shares float while Baker Hughes NYSEBKR has short interest at 5.74%. Related Aramco’s Q1 2024 Results Saudi Arabia is at a Dangerous Tipping Point Demand Fears Overblown Commodity analysts at Standard Chartered have argued that the demand fears acting as headwinds on oil prices are overblown.
Oil Oil Prices Morse OPEC Oil Supply Oil Bulls
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