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  4. Citi Warns Oil May Collapse to $65 by the Year-End on Recession
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Citi Warns Oil May Collapse to $65 by the Year-End on Recession

(Bloomberg) -- Crude oil could collapse to $65 a barrel by the end of this year and slump to $45 by end-2023 if a demand-crippling recession hits, Citigroup Inc. has warned. That...
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Citi Warns Oil May Collapse to $65 by the Year-End on Recession © Reuters. Citi Warns Oil May Collapse to $65 by the Year-End on Recession

(Bloomberg) -- Crude oil could collapse to $65 a barrel by the end of this year and slump to $45 by end-2023 if a demand-crippling recession hits, Citigroup Inc. has warned.

That outlook is based on an absence of any intervention by OPEC+ producers and a decline in oil investments, analysts including Francesco Martoccia and Ed Morse said in a report. Brent, the global crude benchmark, last traded near $113 a barrel.

Oil has soared this year following the invasion of Ukraine, and banks are now trying to chart its course into 2023 as central banks raise interest rates and recessionary risks mount. Citi’s outlook compared the current energy market with crises of the 1970s. At present, the bank’s economists do not expect the US to dip into recession.

“For oil, the historical evidence suggests that oil demand goes negative only in the worst global recessions,” the Citi analysts said in the July 5 note. “But oil prices fall in all recessions to roughly the marginal cost.”

©2022 Bloomberg L.P.

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01-05-2024 10:45:17 (UTC+7)

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-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

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Indicators:

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157.91

+0.12 (+0.07%)

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↑ Buy

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0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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1.3780

+0.0003 (+0.03%)

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168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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2,295.80

-7.10 (-0.31%)

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26.677

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4.5305

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81.14

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Brent Oil Futures

85.62

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

17,921.95

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FTSE 100

8,144.13

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1,973.05

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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Cập nhật 01-05-2024 10:45:19
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