Citi analysts revised their benchmark Brent crude oil forecasts for 2024 and 2025 due to concerns about oversupply. This was reported by Reuters.
The bank reduced its forecast for Brent oil prices by 1 dollar to 74 dollars per barrel for 2024, and by 10 dollars to 60 dollars per barrel for 2025.
Analysts announced that price offers will continue to be supported by OPEC + countries voluntarily reducing raw material production in 2024. Experts agreed that recent activities in the Red Sea could also lead to short-term bullish potential.
Oil prices are trading in positive territory on Friday. The increase in fuel prices began after the US and its allies attacked the Houthis in Yemen.
As of 16:29 Moscow time, the price of March Brent oil futures increased by 2.78% to $ 79.56 per barrel. February WTI futures increased by 3.03% to $74.2 per barrel. This is evidenced by trading data on the ICE exchange.
How will the situation in Yemen affect Russia’s oil and natural gas revenues? In the material “socialbites.ca”.
Previously German Foreign Minister Annalena Bärbock statedIt was stated that the US and UK attacks against the Houthis in Yemen were carried out in accordance with the UN Charter.