A possible disruption in Middle East oil supply will bring Brent to $100
reported by Mehr News Agency quoted Reuters, Citi Bank has updated its forecast on oil prices for the fourth quarter of 2024 and the first quarter of 2025. increased and pointed to the increase in the possibility of escalation of tensions and, as a result, the possibility of supply disruption.
This American bank has forecast the price of Brent crude oil for the fourth quarter of 2024 and the first quarter of 2025. 80 dollars per barrel to 120 dollars per barrel.
This American financial institution announced that the forecast of $74 for Brent crude oil index in the fourth quarter and $65 In the first three months of 2025, it maintains due to the weak foundations of the oil market.
Citi Bank has presented its reduction scenario, which includes factors such as the implementation of the gradual adjustment program to reduce the voluntary excess supply of the OPEC Plus coalition (increase oil production) from December and reducing the risk of oil supply with a probability of 20%, the price of Brent crude oil for the fourth quarter of this year will be 60 dollars per barrel. barrel and for the first three months of 2025, it has maintained the figure of $55 per barrel.
The price of Brent North Sea crude oil at 6:40 on Tuesday (October 24) GMT It fell by 2 dollars and 81 cents or 3.6 percent to 74 dollars and 65 cents per barrel, which had previously reached 74 dollars and 26 cents in the early hours, the lowest level since October 2.
US crude oil WTI decreased by 2 dollars and 72 cents or 3.7% to 71 dollars and 11 cents It was traded for a barrel. The price of this index reached 70 dollars and 75 cents per barrel in the initial trading and reached the lowest level since October 3rd.
Citi Bank stated that after reviewing major geopolitical risk events since the 1950s, the bottom line was that events The dates that potentially or actually affect the supply of oil do not last more than a few quarters at most.
