- Analytics
- News and Tools
- Market News
- JP Morgan cuts 2023, 2024 Oil price forecasts for Brent, WTI to $81, $76 respectively
JP Morgan cuts 2023, 2024 Oil price forecasts for Brent, WTI to $81, $76 respectively
While justifying challenges to the black gold, JP Morgan cuts Oil price forecasts for 2023 and 2024 in its latest release.
“JPMorgan cut its oil price forecasts for this year and 2024 as it sees global supply growth offsetting a record rise in demand, while inventory build-up lowers the risk of price spikes,” per Reuters.
The update adds that the Wall Street bank revised its average Brent price forecast for 2023 to $81 per barrel from $90 earlier, and for West Texas Intermediate (WTI) to $76 a barrel from $84 previously.
That said, the 2024 prices were revised down to $83 for Brent and $79 for WTI versus previously expected $98 and $94 in that order.
Additional quotes from Reuters
JPMorgan sees global oil supply growing by 2.2 million barrels per day (bpd) in 2023, surpassing projected demand growth of 1.6 million bpd.
The world could consume a record-setting 101.4 million bpd of oil this year, led by unprecedented demand in China, India, and the Middle East.
U.S. producers are leading the supply surge, with non-OPEC supply keeping up with global demand since 2022 and leaving OPEC+ - which comprises OPEC and other major producers such as Russia - to cut output, it added.
Also read: WTI Price Analysis: Bears make their moves during the Fed, break support structure
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
