Citigroup analysts think oil may never return to $100 levels and forecasts for triple-digit crude have far more fantasy than reality at their heart, according to Bloomberg. Key quotes Oil product demand growth will falter significantly, change its contours, and never return to pre-coronavirus rates of growth. With production returning at $45 a barrel, longer-term supply costs falling in recent years, and plenty of supply already offline with political risks, triple-digit crude looks unlikely. oil is more likely to be at $45 than $60 a barrel in the long-term. West Texas Intermediate (WTI) crude, North America’s oil benchmark, is trading at $39.80 per barrel at press time, representing a 300% gain on the single-digit price observed in April. The recovery rally could be attributed to the OPEC+ output cut deal, liquidity-driven risk-on rally in the financial markets and optimism stemming from the gradual re-opening of the global economy. 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 USD/CNH Price Analysis: Yuan charts a pennant pattern FX Street 3 years Citigroup analysts think oil may never return to $100 levels and forecasts for triple-digit crude have far more fantasy than reality at their heart, according to Bloomberg. Key quotes Oil product demand growth will falter significantly, change its contours, and never return to pre-coronavirus rates of growth. With production returning at $45 a barrel, longer-term supply costs falling in recent years, and plenty of supply already offline with political risks, triple-digit crude looks unlikely. oil is more likely to be at $45 than $60 a barrel in the long-term. West Texas Intermediate (WTI) crude, North America's oil benchmark, is trading… 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.
