Brent Crude Holds Near $112 as Citi Reverses Bearish Call
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Brent December futures surged to $111.70 on Thursday, gaining 2.65% intraday and briefly touching $112.68, as Citi reversed a bearish call made just three months earlier that targeted $60-65 per barrel by year-end.
The bank's revised outlook highlights a structural disconnect: while Middle Eastern crude exports are technically recovering, moving over 1 million barrels per day out of the Gulf at reasonable cost remains constrained.
This logistics premium suggests oil markets may stay elevated longer than physical supply data alone would imply, with shipping and insurance frictions acting as a persistent price floor.