Oil market volatility continues as Citi bets on price drop and OPEC seeks stability.

Citigroup's commodity chief, Ed Morse, expects oil prices to fall instead of rallying further despite OPEC+’s efforts. The bank believes that traders may be underestimating additional oil output potential in Venezuela and Iraq, which, if it materializes, would offset some of the latest OPEC+ cuts. Morgan Stanley is also bearish on oil even after the OPEC+ cuts, reducing its oil price target after the announcement.