0931 ET - Crude futures are modestly lower heading into the weekend with the OPEC+ meeting Monday on most minds. "We expect pushbacks from member countries of OPEC+ to the apparent proposed production increase, such that oil prices hang in the balance," Citi analysts say in a note. Brent could hold in the high $50s with a further acceleration of 500,000 barrels a day, Citi says, while bigger increases or an eventual lifting of Iranian sanctions could drop the price to around $50. Citi's "bull case" of Brent in $70s entails no additional increase, "or even a freeze," and harsher sanctions enforcement. "A market more conditioned to thinking of downside could well be surprised if there is a turnaround." Brent is off 0.3% at $61.93 a barrel and WTI is down 0.4% at $58.99. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 02, 2025 09:31 ET (13:31 GMT)
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