JP Morgan takes bite out of oil price estimate for the rest of the year

The major bank will now lower its oil price estimates for the third and fourth quarters this year.

Photo: /ritzau/Magnus Holm

Major bank JP Morgan set the bar too high, in terms of where the oil price is expected to land for the rest of 2017. For this reason, the bank has now lowered its oil price estimates for the third and fourth quarters this year.

Analysts at JP Morgan now expect that the price for a barrel of North Sea oil, Brent, will come to USD 50 per barrel, compared to the previous USD 56. And for US reference oil, WTI, the price has also been reduced by USD 6 per barrel, down to USD 47, reports Bloomberg News.

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