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Citigroup Predicts Oil Drops to $60
Citigroup projected that Brent crude oil prices would decline to around $60 per barrel by the end of the year, supported by stable oil shipments through the Strait of Hormuz and market recovery after a period of turmoil. The price of crude decreased by 30% during the second quarter due to resumed shipping flows and declining inventories, with expectations of a market return to surplus as disruptions fade, and warnings of oversupply from other global banks.
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