Citi says upside risk for oil, Brent possible bounce above $80

Reuters on Thursday with a snippet from Citi analysts, saying they see the possibility for a bounce in Brent crude to the low to mid US$80 range. Citit argue that upside risks in the market remain:

• from still-tight balances through August, heightened geopolitical risks across North Africa and the Middle East, the possibility of weather-related disruptions through hurricane season, and light managed money positioning

Earlier:

• UBS is expecting Brent crude oil to recover into $85 – 90 range

This article was written by Eamonn Sheridan at www.forexlive.com.