Commodity
Confidence 0.75
Citi: Oil Could Sink to $60 as Hormuz Traffic Normalizes
What happened
Citi analysts predict that oil prices could drop to $60 per barrel as traffic through the Strait of Hormuz returns to normal levels.
Causal chain
Normalizing traffic in Hormuz Potential drop in oil prices
India impact
Sector impacts
Nifty Oil & Gas −
Lower oil prices could impact revenue.
Short term (1–4 weeks)
Short-term volatility in oil prices expected.
Long term (3–6 months)
Sustained lower prices could benefit consumers.
Sources
- · Citi: Oil Could Sink to $60 as Hormuz Traffic Normalizes