The price of Brent crude oil may fall to $60 by the end of the year.
elchi reports that Bloomberg agency has provided this information, citing analysts from Citigroup.
According to the bank’s experts, shipping through the Strait of Hormuz is gradually returning to normal, and a weakening is being observed in the physical oil market. Under these conditions, analysts forecast that the price of a barrel of Brent crude oil will be between $60 and $65 by the end of the year.
It should be noted that previously, Goldman Sachs and Morgan Stanley banks also released similar forecasts, stating that an oversupply would form in the global oil market.