Citigroup and UBS analysts expect Brent to rise to $75 in the short term

According to Citigroup analysts, the price of Brent crude oil in the short term will increase by 3.6% to $75 per barrel and then continue to rise to $78. The main reason for the increase in its value is investors' concerns regarding the reduction in the supply of raw materials. At the same time, bank experts consider the situation caused by the aggravation of US trade demand with China, temporary, as they expect that the American president may return to a deal with China by the end of the year, seeking to increase the chances for re-election for a second presidential term. UBS analysts also predict a rise in the cost of Brent to $75 per barrel, based on the fact that the global oil market deficit is currently about 600 thousand barrels per day. They believe that the terms of the agreement on the limitation of OPEC + oil production may be mitigated in case of a further decline in production in Iran and Venezuela against the background of US sanctions.

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