As the market predicts that the global economic slowdown will limit the potential for rising crude oil prices, JP Morgan Chase Bank recently lowered its forecast for New York's oil prices this year by 5.5%.
According to the JP Morgan Chase Bank’s monthly report published on the 31st July, JP Morgan Chase Bank has recently forecasted the average price of West Texas Intermediate crude oil (WTI) for the rest of the year. The monthly forecast of US$81.75 per barrel was reduced to US$77.25 per barrel.
JP Morgan Chase Bank also reduced its 2011 WTI forecast to US$79.25 per barrel from last month’s forecast of US$90.
Lawrence Eagles, an analyst at JPMorgan Chase Bank, wrote in a monthly report that weak economic growth, energy efficiency, and OPEC’s intransigence provided a risk of falling oil prices.
According to the JP Morgan Chase Bank’s monthly report published on the 31st July, JP Morgan Chase Bank has recently forecasted the average price of West Texas Intermediate crude oil (WTI) for the rest of the year. The monthly forecast of US$81.75 per barrel was reduced to US$77.25 per barrel.
JP Morgan Chase Bank also reduced its 2011 WTI forecast to US$79.25 per barrel from last month’s forecast of US$90.
Lawrence Eagles, an analyst at JPMorgan Chase Bank, wrote in a monthly report that weak economic growth, energy efficiency, and OPEC’s intransigence provided a risk of falling oil prices.
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