Citi Reverses Bearish Oil Stance, Flags Upside Risk as Brent Tops $112

Citi, which three months ago forecast Brent at $60-65 by year-end, now sees upside risk to oil prices despite recovering Middle Eastern exports, citing logistical bottlenecks in the Gulf. Brent December futures traded at $111.70, up 2.65%, after touching $112.68. The bank's reversal signals persistent supply-chain friction even as headline export volumes recover.

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