 "Oil prices to hit $130 per barrel:JP Morgan")
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.
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“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.
Reuters