Analysts at Citi expect Brent crude to fall as low as $60 a barrel by the end of the year as they foresee the US-Iran truce holding.
The bank’s analysts said in a Friday note that despite temporary flare-ups, both sides have good reason to uphold the memorandum of understanding signed in mid-June.
“We expect the MOU to hold, not because trust has suddenly emerged, but because the incentives to break are poor for both sides,” they wrote.
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