Citi's base case sees Brent prices heading towards low-$60s/bbl by end-year

Analysts at Citibank said on Thursday their base case remains for Brent oil prices to head toward the low $60s per barrel by the end of the year.

The bank added that a bull case for prices could materialize if more than 1 million to 1.5 million barrels per day (bpd) of Russian supply is affected, or if India were to back out of its around 1.75 million bpd of oil imports from Russia, with China absorbing some of this.