Citigroup on Wednesday raised its estimates on oil prices, and said "earnings headwinds for the [oil] sector look considerably less than they have for some time." Citi raised its Brent forecast to $109 a barrel from $103 a barrel for 2014, and to $105 a barrel from $95 a barrel in 2015. The upgrades primarily reflect continuing tight supply through 2014 "exacerbated by a heightened sense of supply fragility due to escalating violence in Nigeria and Iraq as well as ongoing disruption in Libya." The ongoing Russia/Ukraine crisis has introduced a "large, completely unexpected source of geopolitical risk" to a market that was stuck in neutral to bearish territory, Citi added. Per-share earnings estimates for integrated oil firms were raised by an average of 4% this year, and 9% in 2015. Top equity picks remain Total SA FR:PAR +0.26% , BG Group PLC UK:BG -0.67% , Galp Energia PT:GALP +0.51% and Repsol SA ES:REP +0.93%.
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