Citi sees more upside risk for oil prices despite recovering Middle Eastern crude exports, a considerably less bearish assessment from the bank that predicted $60-to-$65 Brent by year-end just three months ago.
Brent December futures traded at $111.70 on Thursday, up $2.88, or 2.65%, after touching $112.68 earlier in the session
The problem, Citi says, is that getting crude out of the Gulf and getting it to buyers at a reasonable cost are two different things. More than 1 million barrels per day of Gulf crude was transferred between vessels in…