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Citigroup: the decline in crude oil prices will ease near $ 40

Promulgator: Guangrao Liuhe    Send date: 2016-08-04 14:45

      On Tuesday (August 2) Citigroup analyst SethKleinman in the report said that despite the current oil prices fall into technical bear market, but is expected to supply disruptions will continue, so the decline will ease near $40 a barrel.

     On Wednesday (August 3) Asian city trading, the U. S. crude oil futures (WTI) in near $39.50 steady, Brent crude oil futures trading near $41.75 a barrel. Due to the global excess supply worries comeback, oil prices in the past two months has accumulated fell more than 20%, yesterday hit a four month low, which U. S. crude oil futures is back below 40 U. S. dollars a barrel mark.

     Citigroup said, is expected to Libya crude oil production will be maintained at 350 thousand barrels, while the Nigeria QuaIboe and Forcados oilfield suffered force majeure will continue until August." Earlier reports said that in the oil lift blockade before Libya port will continue to be limited.

     Due to the first half of Canada, Nigeria, and many other supply disruptions occur, resulting in 5-6 global crude oil production decreased by 1 million barrels per day, and to boost oil prices rebounded in the two quarter, to enter the bull market. However, in June after hitting a high level in, just two months, oil prices fell more than 20%, once again into a bear market.

     However, Citigroup believes that the global supply of crude oil in the case may be interrupted again slightly in August, while oil prices at $40 a barrel level may stimulate investment, business and real demand."

     The bank is expected in the first half of 2016, the global crude oil inventories increased by 360 thousand barrels per day, compared to an increase of 1 million 540 thousand barrels, while the same period in increased by 430 thousand barrels per day.

      Citi added, "oil prices in the second half of this year, still need to overcome many difficulties, especially further deterioration of the refinery in refinery margins weak lower operating rate, resulting in crude oil demand pressure and inventory accumulation, making the oversupply situation."
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