JPMorgan said on Thursday (August 25) that the agency has lowered its price forecast for West Texas Intermediate Crude Oil (WTI) and Brent crude oil for the next two years.
JP Morgan now plans to revise the WTI oil price forecast for 2011 to US$94.00/barrel, which was previously expected to be US$98.00/barrel; meanwhile, the 2012 WTI oil price forecast is revised down to US$97.50/barrel, far below the previously expected US$114.00/barrel. .
The agency also revised its Brent oil price forecast for 2012 to US$115.00/barrel, which was previously expected to be US$124.00/barrel.
JPMorgan expects that the Brent/WTI crude price gap will close to $10/barrel from April next year and continue until the end of next year.
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