Crude oil price: JP Morgan cite demand destruction, while production & stockpiles to grow

<p>A JP Morgan analyst on oil ahead, forecasting a year-end target of $86/barrel:</p><ul><li>the sharp price rise has resulted in

"Demand destruction has begun (again)"</li><li>(northern) summer driving season coming to a close</li><li>"global oil stock draws have ended"</li><li>

"Preliminary satellite stock observations from Platts suggest that during the first three weeks of September, global commercial crude inventories declined 8 million barrels, while the world's oil product stocks surged 38 million barrels, for a net build in total commercial oil liquids of 30 million barrels" </li><li>expects inventories to build up heading into winter</li></ul><p>—</p><p>I know, it would have been more helpful to have this note before this:</p><p>This from earlier:</p><ul><li><a href="https://www.forexlive.com/news/brent-oil-drop-icymi-russian-media-report-that-russia-may-ease-diesel-exports-ban-soon-20231004/" target="_blank" rel="follow" data-article-link="true">Brent oil drop – ICYMI – Russian media report that Russia may ease diesel exports ban soon</a></li></ul>

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