Further gains in crude oil price to be limited, year-end target remains $86 per barrel – JPMorgan
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Further gains in crude oil price to be limited, year-end target remains $86 per barrel – JPMorgan
STOCKS

Further gains in crude oil price to be limited, year-end target remains $86 per barrel – JPMorgan

 

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Further price gains in crude oil may be limited as most bullish cues—both macro and micro—for the market have been exhausted for now, JPMorgan Commodities Research said in a note. 

Since the end of August, Brent crude had surged before fluctuating around $95 a barrel in recent days, amid tightened oil supply caused by the production cut by Saudi Arabia.

However, demand recovery in Asia is coming to an end and at the current oil price level, demand will likely decline, further limiting the upside of oil prices, said the bank. 

The year-end target remains $86/bbl, and the path to this target can take different shapes, it said.