The commodity team at Citi can rest on the laurels generated by its on-target predictions of lower-thanconsensus oil prices in the last 12 months. But a new commodity analysis this week suggests the Brent benchmark could surge to an $88/bbl price target this summer, before buckling under to the various pressures that come later this year and in 2024. That number was mentioned several times in a thirdquarter 2023 commodities analysis sent to clients. An $88/bbl number would equate to a surge of $8.13/bbl or more than 10% for the widely traded benchmark. The bank maintains an $83/ bbl price for the third-quarter average for Brent.
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