Brent oil price could surge as high as US $150 / barrel says JP Morgan

<p>JPMorgan on the rising oil price, say that Brent could continue to $150 / bbl.</p><p>Citing:</p><ul><li>OPEC+ supply cuts, mainly led by Saudi Arabia – they have cut circa 1mn bbl/day from the market – and Russia</li><li>Increase in demand</li><li>shocks to capacity</li><li>a supercycle for energy</li><li>moves to reduce the globe's reliance on fossil fuels, that'll have the tendency to promote a lack of investment in new oil production</li><li>The JPM analyst forecasts Brent between $90 and $110 in 2023 then higher in 2025 (sees the global supply and demand imbalance at 1.1 million bpd in 2025)</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.