JP Morgan has significantly reduced its forecast for Brent Crude prices for this year to $81 per barrel, down from $90 a barrel expected earlier, Forexlive reports. As early as February this year, JP Morgan said that Brent Crude prices were not expected to reach $100 per barrel in 2023 unless a major geopolitical event rattles markets again. Russian crude oil production is expected to recover by June, while high price levels would prevent the U.S. from repurchasing crude to refill the Strategic Petroleum Reserve (SPR), the Wall Street bank said…
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