Oil price still sees further upside - Citibank

Ed Morse, Citibank’s Global Head of Commodities Research, said in his latest client note that oil prices remain exposed to further upside risks despite the OPEC and allies (OPEC+) deal to boost oil supplies.

Key quotes

“The market is very tight, supply increase of 400k bpd will turn out to be a pittance.”

“Demand is significantly higher, despite the pandemic still rampant.”

“Oil prices likely to climb much further by the time summer is over.”

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