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Investing.com - Crude oil prices have fallen strongly this week, and Citigroup sees further losses during the final quarter of 2025.
At 06:35 ET (10:35 GMT), Brent crude futures were up 0.6% to $64.49 a barrel, and U.S. West Texas Intermediate crude was up 0.6% to $60.84 a barrel.
However, for the week, both benchmarks were on track for losses of around 8%.
"Brent oil prices have fallen to $65, reaching our 0-3mth point price target, as OPEC+ signaled another month of production increases and Iraq is seeing KRG oil exports resume via Turkey, “ said analysts at Citi, in a note dated Oct. 2.
“This came after last week’s intraday high of almost $70 on continued Ukrainian attacks on Russian refineries and oil export infrastructure.”
The Organization of Petroleum Exporting Countries, and allies, a group known as OPEC+, is set to meet over the weekend to discuss future production levels.
Eight members of OPEC+ could agree to raise production in November by 274,000-411,000 barrels per day, or two or three times higher than the October increase, sources told Reuters on Tuesday, as Saudi Arabia seeks to reclaim market share.
“As we enter 4Q’25, we expect OPEC+ exports to rise as Mideast summer crude burn wanes seasonally, while the broader oil balance surplus could begin to show up more visibly in key hubs too,” Citi added.
As a result, the U.S. bank has rolled forward and revised its 0-3mth point price view to $60 a barrel for Brent, and $57 a barrel for WTI, consistent with its $60 average Brent forecast for the first quarter of 2026.