On May 9, Citi stated that it maintains its forecast of $120 for oil prices over the next three months. The current baseline scenario predicts that the average Brent crude oil price will be $110 in the second quarter of 2026, followed by a decline to $95 in the third quarter and $80 in the fourth quarter.
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Citi Maintains $120 Oil Price Forecast for Next 3 Months
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