JPMorgan: Brent crude may rise to around $100 in Q4 2022

JPMorgan expected the price of Brent crude to rise again towards levels of $100 a barrel, with supply shrinking in the coming months. And the US bank said in a note last week that Brent crude will record levels of $ 101 a barrel in the fourth quarter and $ 98 in 2023.

The bank added: Despite concerns about the global economy, our estimates indicate that the surpluses observed during the summer will turn into deficits starting in October.

Oil prices have fallen over the past months after reaching $122 in June.

JPMorgan expects global demand for oil to recover by about 1.5 million barrels per day in the fourth quarter in particular, and the natural gas crisis encourages more shift towards oil.

The US bank’s forecast is also based on the impact of sanctions on reducing supplies and the European Union’s plan to ban imports of seaborne Russian oil in early December.