Citi Forecasts Brent Crude Oil to Drop to $60 by Year-End

The bank attributes the expected price decline to increased output from OPEC+ members.

Summary

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Terms & Concepts
  • OPEC+: An alliance of oil-producing nations, including members of the Organization of the Petroleum Exporting Countries and other producers like Russia, that coordinates oil production policies.
  • Brent Crude: A major trading classification of crude oil that serves as a global benchmark for oil prices.