Citibank sees Brent crude swinging between $60 and $90 depending on geopolitical and demand drivers.

Analysts at Citibank said on Wednesday that Brent crude oil prices could fall into the low-$60 per barrel range if there is tangible progress toward a U.S.–Russia agreement, a development they see as easing geopolitical risk premiums in the market.

In a note to clients, Citi cautioned that further downside from those levels would likely require a sharper deterioration in demand, particularly a slowdown in China’s crude oil imports and reduced refinery activity aimed at producing diesel.

On the flip side, the bank highlighted a potential bullish scenario in which prices could climb toward its base bull case of around $80/bbl, and even test levels above $90/bbl, if geopolitical tensions persist or if demand conditions improve.

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Citi views via Reuters.