Citi: Oil Is Overvalued By $50 Per Barrel ...Middle East

Brent crude, trading Wednesday at over $116 per barrel, should be closer to $70, according to Citi’s global head of commodity research, Ed Morse, in an interview with Bloomberg. Morse, which has been one of the most bearish pundits saw demand growth at 3.6 million bpd at the beginning of the year. Citing recession fears and economic slowdown, Citi is now estimating that demand growth for oil stands at 2.2 million bpd year-on-year, down 1.4 million bpd from the beginning of 2022. Oil prices have surged some 50% since the beginning of the year,…

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