Citi expects oil prices to stay elevated despite oversupply risks

Core Viewpoint - Oil prices are expected to remain elevated due to increasing geopolitical risks, U.S. restrictions on Russian oil purchases, and ongoing demand from China [1] Group 1: Geopolitical Risks - Rising geopolitical tensions are contributing to the potential for sustained high oil prices [1] Group 2: U.S. Restrictions - U.S. restrictions on Russian oil purchases are a significant factor influencing the oil market dynamics [1] Group 3: Chinese Demand - Continued buying from China is supporting oil prices, indicating strong demand from this major market [1]