Citigroup joined the ranks of banks expecting oil prices to rise, saying benchmarks will break the $60 barrier by the end of the year and reach the mid-$60 range.

Apparently, like Goldman Sachs, Citigroup analysts believe that the rising US shale production will not continue to tip the scales to a glut any longer and the OPEC cuts will offset it.

Both investment banks believe that although the

The International Monetary Fund has forecast that oil prices this year will average $51.20, which, although 20% higher than the average for 2016, is still substantially lower than hoped-for $60 and more a barrel.

This average price is assumed on the basis of oil futures as of December 6. For 2018, the average oil price, according to the IMF, will be $53.10. To compare, the average in 2016 was $42.

The World Bank revised downwards its forecast for the price of crude oil to $37 a barrel, from a previous $52 a barrel, for the current year.

The WB issues the new estimate just three months after the last one, the Financial Times notes, evidence of how dramatic the last price drop has been. Yesterday crude oil jumped again, on the latest from OPEC: the organization appealed to non-members to

Helima Croft, RBC’s global head of commodity strategy, sees three scenarios for oil prices next year, the most likely among them a fairly optimistic one.

Talking to CNBC, Croft said she considers it most likely that the oil market will regain its balance some time during the second half of the year, with West Texas Intermediate reaching $52 a barrel before the year’s end.