Citigroup Raises 2013 Oil Outlook, Sees Commodity ‘Death Bells’
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Citigroup Inc. raised its 2013 forecasts for Brent and West Texas Intermediate crudes because of higher-than-estimated prices in the first quarter while at the same time predicting “death bells” for commodities’ rally.
Brent will average $104 a barrel this year, up from a previous prediction of $99, according to the report by analysts led by Edward Morse, Citi’s global head of commodities research in New York. Prices will decline from an average $112 a barrel in 2012, the e-mailed report said.