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Citigroup Inc lowered its base case price outlook for 2015 and 2016 crude oil prices citing weak market fundamentals, including an increased supply from the Organisation of the Petroleum Exporting Countries (Opec) and challenging demand growth in China and emerging markets.
“Huge crude and product inventories are likely to bloat further during refinery maintenance season and expected production growth out of Iran and Iraq should exacerbate this further,” analysts with the US bank said in a note on Friday.
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