Citi lowers its Q4 2024 Brent forecast to US$70/bbl (from $74/bbl)

Info comes via Reuters, updating the Citi outlook for oil.

• Lowers
  0-3 month Brent oil target price to $70/bbl (from $74/bbl)

• Lowers
  Q4 2024 Brent forecast to $70/bbl (from $74/bbl)

• Recent
  Israel military action is unlikely to be seen by the market as
  leading to an escalation that impacts oil supply

• We
  expect a lower geopolitical risk premium in our base case, than we
  previously assumed

Oil gapped lower in Sunday evening (US time) futures trade:

• Oil update – Brent (futures) circa $72

• Israel strikes on Iran look designed to minimize the chance of retaliation

This article was written by Eamonn Sheridan at www.forexlive.com.