We’ve been here before and since global oil markets are indeed cyclical, Citi’s new oil price forecast for 2019 should not come as much of a surprise. The bank forecasts that global oil prices will average $60 per barrel in 2019, remaining near current levels as OPEC+ led production cuts encourage American drillers to pump more crude oil. In its primary forecast,Citi said it sees Brent crude trading at $55 to $65 per barrel in 2019, as global oil stockpiles continue to rise through the middle of the year.

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