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JPMorgan is forecasting Brent will hit $90 by September on summer fuel demand.
JPMorgan is forecasting Brent will hit $90 by September on summer fuel demand.U.S. crude oil held firm above $81 per barrel on Thursday, with the benchmark heading for its second weekly gain in a row. West Texas Intermediate has gained 4% this week, while global benchmark Brent is up 3.
3%. JPMorgan is forecasting that Brent will hit $90 per barrel in September as the market tightens on falling inventories."Given the seasonal uptick in oil demand, refinery runs, and ongoing weather risks, and as OPEC and its allies extend production cuts through 3Q24, oil balances should tighten and inventories should begin to draw during the summer months," analyst led by Natasha Kaneva, head of global commodity strategy at JP Morgan, told clients in a research note Thursday.Crude oil has proven resilient with upside momentum firming, Ryan McKay, senior commodity strategist at TD Securities, told clients in a research note Wednesday. McKay cautioned, however, that the rally could fade. Commodity trading advisors could ease up on buying and liquidate some of their length if U.S. oil drops below $80.33 and Brent falls under $84.92, McKay said.Oil prices rallied in April to annual highs as Iran and Israel nearly went war. Traders shifted focus back to market fundamentals after tensions eased, unwinding the risk premium that had lifted crude futures.OPEC+ decision to increase oil supply is a 'bearish surprise' for the market, Goldman says
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