Citi: Oil Will Continue Rising This Quarter

Crude oil prices will continue rising this quarter as global oil inventories drawdowns continue and OPEC sticks to its limited addition output policy, Citi’s head of commodity research Ed Morse told Bloomberg. Morse commented that it was funny how oil prices reacted following OEPC+’s latest announcement after its meeting on Thursday, going down instead of up as one would expect. He also noted that OPEC had moved from the role of the “central bank of oil” to the role of regulator, keeping a cap on supply to keep prices higher.…