Citigroup Research on Thursday lowered the three-month Brent crude oil estimate from the previous estimate of 60 US dollars per barrel to 55 US dollars. As negotiations on the US-Iran nuclear agreement resumed, the possibility of reaching a final agreement was raised. Citi said that due to increased market supply, the agreement between the US and Iran may ease sanctions, which may push the price of Brent crude oil down to $50 per barrel. However, if no agreement is reached, and actions to curb possible escalation such as Iran's nuclear program, oil prices may be pushed up to $70 per barrel or more. Citi believes there is a 60% chance of finally reaching an agreement.

Citigroup Research on Thursday lowered the three-month Brent crude oil estimate from the previous estimate of 60 US dollars per barrel to 55 US dollars. As negotiations on the US-Iran nuclear agreement resumed, the possibility of reaching a final agreement was raised. Citi said that due to increased market supply, the agreement between the US and Iran may ease sanctions, which may push the price of Brent crude oil down to $50 per barrel. However, if no agreement is reached, and actions to curb possible escalation such as Iran's nuclear program, oil prices may be pushed up to $70 per barrel or more. Citi believes there is a 60% chance of finally reaching an agreement.