Market Extra: Citi sees Brent oil at $70 a barrel by end of 2017

If commodity bulls aren’t feeling the love in 2017 so far, they may get closer after Citigroup threw out a couple of upbeat calls on oil and copper this week.

“Citi retains its bullish view on both crude oil and copper for 2017, seeing Brent potentially touching (around) $70/bbl. and LME copper possibly trading as high as $7,000/ton by year-end,” said analyst Edward Morse, global head of commodities research at Citi, and the team at Citi in a note to clients Tuesday. In both cases, analysts attribute the march to higher levels to “rapid rebalancing over the course of the year.

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