Following Goldman Sachs, JPMorgan Also Significantly Lowers 2023-2024 Oil Price Forecast

Published: Jun 15, 2023 11:22

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On Wednesday (June 14), local time, analysts at JPMorgan Chase sharply lowered their oil price forecasts for this year and next.

On Wednesday (June 14), local time, analysts at JPMorgan Chase sharply lowered their oil price forecasts for this year and next. The bank believes that rising global supply has offset record demand, while rising inventories have reduced the possibility of price spikes.

The Wall Street investment bank lowered its average 2023 forecast for Brent to $81 a barrel from $90 previously, and lowered its forecast for WTI to $76 a barrel for the same year from $84 per barrel.

Not only that, but the bank lowered its average 2024 forecast for Brent to $83 a barrel from $98 a barrel previously, and lowered its WTI forecast for the same year to $79 a barrel from $94 per barrel.

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