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The Citibank analysts have raised their 2020 price forecasts for both crude benchmarks, Brent and WTI, in its latest commodity research report.

Key quotes

“Continue to see an oil price recovery.

For Q3 2020, Brent and WTI price forecasts raised to USD39/ barrel (bbl) and USD37/bbl respectively. 

For Q4 2020: USD48/bbl and USD45/bbl respectively. 

Brent and WTI average forecasts for 2020 are at USD42/bbl and USD38/bbl respectively.”