Oil prices to hit $130 per barrel:JP Morgan

JP Morgan expects crude oil prices to move to $130 per barrel (2013) due to the on going geopolitical issues, low spare capacity, stock building and currency related issues.

FP Archives|Dec 20, 2014, 04:41:02 IST

JP Morgan said on Friday it sees upside price risks conducive to oil prices moving to $130 per barrel for 2013 from ongoing geopolitical issues, low spare capacity, the potential for stock building, and currency-related issues.

The bank sees Brent prices for 2013 average at $121.25 per barrel and forecasts 2013 average WTI price at $114.25 per barrel.

[caption id="attachment_102420" align="alignleft" width="380" caption="Crude oil prices to rise to $130 per barrel. Reuters"][/caption]

"Our analysis suggests that supply constraints will again be reached by the end of 2013, driving a quarterly rise in our ICE Brent price forecast to $130/bbl," it said.

JPMorgan maintained its price projection of $115 a barrel for Brent crude oil, and $97.50 a barrel for WTI through 2012.

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