In the wake of the OPEC and its allies (OPEC+) deeper output cuts and improved Emerging Markets (EM) economic outlook, the US investment bank, JP Morgan raised its oil price outlook for 2020.
Key Quotes:
“Brent price forecast upped to $64.5 per barrel in 2020 from $59 earlier, although it expects prices to slip to $61.50 in 2021.
West Texas Intermediate prices are seen following a similar trajectory with prices averaging $60 per barrel in 2020 and $57.50 in 2021.
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