Citibank analysts have revised their oil price forecasts as they have raised their Brent price forecasts for 2019. Key Quotes “Our base case (55% probability) sees OPEC+ ending cuts in 2H’19, with Brent averaging $64 in 1Q’19, and 4Q’19 averaging $67 under IMO 2020 pressures. We see 2019 Brent averaging $64, revised up $2/bbl.” “However, we expect wide price realizations, with possibility of $70 point prices at times in 1Q’19 & on. US pressure on Saudi Arabia & OPEC+ would likely resume if Brent prices exceed $70, while Russia looks increasingly reluctant to extend cuts much further.” “With a return of barrels in 2H’19, this could begin to drive builds in late 2019 going into 2020, and make for a volumetrically weak 2020-21, keeping deferred prices under pressure. We also adjust our bull case, and assign it a high 30% probability.” “Our bull case is for Brent to average $74 in 2019, hitting $80+ at times with OPEC+ holds cuts to year end. There could be further losses in supply, particularly in Iran & Venezuela.” “In our bear case (15% probability), we consider OPEC+ starting to raising oil production earlier than June, starting in Apr. S.Arabia could shift strategy from withholding production to raising output. Weaker demand could materialize after winter with macro downside risks. Supply could come back in Iran or Libya. This could push prices to low $50s by 1H’20.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next CHF: On the back foot? – Rabobank FX Street 4 years Citibank analysts have revised their oil price forecasts as they have raised their Brent price forecasts for 2019. Key Quotes "Our base case (55% probability) sees OPEC+ ending cuts in 2H'19, with Brent averaging $64 in 1Q'19, and 4Q'19 averaging $67 under IMO 2020 pressures. We see 2019 Brent averaging $64,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.