Reported 7 months ago
Citibank forecasts that Brent crude oil prices could fall to $60 per barrel in 2025 due to supply surpluses and the shift towards renewable energies. The bank also anticipates a surge in crude inventories by 1.4 million barrels per day next year, attributing this to slowing demand, increasing energy efficiency, and the transition to electric vehicles over traditional oil and gasoline usage. These factors suggest a bearish outlook for the commodity, with Citibank advising oil producers to hedge against potential price declines and investors to consider seizing opportunities amidst short-term price fluctuations.
Source: YAHOO