With WTI crude oil prices knocking on the door of $50/bbl for the first time since October of 2015, Citi analyst Seth Kleinman has become more bullish on the outlook for oil. According to Kleinman, a combination of crude oil inventory drawdowns, supply outages and worker strikes have quickened the pace of the oil market re-balancing so far this year.

“These things aren’t going to go away, so I think now that you’re really starting to see U.S. [production] declines on top of all these other economic declines and outages, I think you’ve got a pretty firm base for a rally,” Kleinman told CNBC on Wednesday morning.

Citi has upped its 2017 price forecast for Brent oil to $65/bbl, but Kleinman warned investors it could be a bumpy ride.

“As long as supply continues to decline, which it is and it’s going to take time, it means we can grind…

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