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The Citibank analysts expect a Likely price rebound in Brent oil to continue over the next 18 months.

Key quotes

“The OPEC+ efforts to curb supplies to persist

Near-term loss of US shale oil

Brent crude futures to average $48/ barrels in Q4 of this year and average $61/ barrels during Q4 2021.

We’re relatively bullish the market going into 2022 because we see relatively strong discipline on the OPEC+ side and we see a postponement of projects and we see lost oil in the world, particularly in North America.

Brent futures averaging $59/b in 2022, $55/b in 2023.

Sees global oil demand continues to rise as lockdowns ease.

But won’t reach 2019 levels before late 2021.

inventories will be showing a strong draw by mid-July.”

  • WTI consolidates Wednesday’s 5% drop around $38