Brent Supply Tightens as U.S. Stocks Drop 2.3m Barrels and Venezuela Sanctions Ease
Citi forecasts elevated Brent prices driven by geopolitical risks, U.S. restrictions on Russian oil and Chinese buying despite oversupply concerns. U.S. inventories fell 2.3m barrels, Nigerian March loadings drop to 793,000 bpd and a forthcoming U.S. general license may accelerate Venezuelan exports, tightening supply further.
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