Citi Sees Oil Prices Falling to $60 if Trump Secures Iran and Russia Deals

According to Citi analysts, geopolitics will continue to provide support for oil prices in the immediate term, but they may later come under pressure if President Trump’s attempts to clinch a peace deal with Russia and a nuclear deal with Iran succeed. “It is our base case that both Iran and Russia-Ukraine deals happen by or during the summer of this year, contributing to a decline in prices to $60-62/bbl Brent and lowering diesel and gasoline cracks by $5-10 dollars,” the analysts said, as quoted by Reuters. Until that…