Citi Predicts Brent Crude Could Slide to Low-$60s by Year-End Amid Market Softening
Analysts at Citibank expect Brent crude prices to drift toward the low $60 per barrel range before the year closes, pointing to signs of a cooling market. As of Wednesday afternoon, Brent futures traded at $66.53 per barrel, down 36 cents, while U.S. West Texas Intermediate (WTI) slipped 38 cents to $63.97.
The bank noted that while geopolitical negotiations remain slow, the reduction in Russian crude purchases by India—around 500,000 barrels per day—has been partly offset by China buying more discounted supply. U.S. authorities, meanwhile, are expected to tread carefully on enforcement to avoid sparking a sharp price surge.
Tensions rose further after Washington announced a 25% tariff on Indian goods in response to New Delhi’s continued imports of Russian oil. India, maintaining its stance, has vowed not to yield under pressure. Citibank suggested oil could fall into the $50s if a swift and comprehensive geopolitical deal is reached, removing a major risk factor from energy markets and potentially redirecting Russian exports to shorter trade routes.
On the flip side, prices could climb if Russian supply losses exceed 1–1.5 million barrels per day, or if India scales back its imports significantly, leaving China to absorb part of the gap.
