Citibank on the price of oil as reported in SA's Wall Street Breakfast -- WTI $20/bbl ?!?
"The recent surge in oil prices is just a "head fake" and West Texas crude as cheap as $20/bbl may soon be on the way, warned Citigroup (NYSE:C), lowering its crude oil forecast again. Despite declines in spending that have helped oil prices rebound in recent weeks, U.S. oil production is still rising, Brazil and Russia are pumping oil at record levels, and Saudi Arabia, Iraq and Iran have been fighting to maintain their market share by cutting prices to Asia, said Edward Morse, Citi's global head of commodity research. Crude futures -1.5% to $52.07."
