JP Morgan raises oil price outlook, but trims demand-growth forecast

Investment bank JP Morgan on Friday raised its outlook for oil prices, but lowered its forecast for global crude demand-growth this year amid increasing uncertainty over international trade.

The U.S. bank said prices for Brent crude, the international benchmark for oil markets, would average $70 per barrel in both 2018 and 2019, up from an earlier forecast of $65 and $60 per barrel respectively. Brent stood at around $74 on Friday.

“Uncertainty around actual OPEC production increases, current budget constraints and sanction effects could mean near-term oil prices remain elevated,” the bank’s European equity research team said in a note…

 

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