Citi Warns That Oil Market Sentiment Is Turning Bearish Amid Signs of Oversupply

Citi Warns That Oil Market Sentiment Is Turning Bearish Amid Signs of Oversupply

Oil market players are in a bearish mood, Citi has said in an update about sentiment among its clients. However, the degree of bearishness differs, the bank also said, as quoted by Bloomberg. “Some clients doubt that a price floor at $60 a barrel for Brent crude oil would be enough to induce a supply-and-demand reaction to balance a global liquids market generally seen heading for a surplus,” Citi’s team reported. Others, on the other hand, expe…

Citigroup Flags Oil Market's Bearish Consensus as Surplus Looms

(Bloomberg) — The broad mood in the oil market remains bearish, although there are discrepancies as to how gloomy crude’s prospects are, according to Citigroup Inc., summarizing views from clients in North America and Europe.