JPMorgan Cuts Forecasts on 2010, 2011 Oil Price
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JPMorgan Chase & Co. lowered by 5.5 percent its forecast for New York oil prices this year on speculation a slowdown in global economies will limit crude’s potential to rise.
The bank cut to $77.25 a barrel its estimate for the average price of West Texas Intermediate crude on the New York Mercantile Exchange during the rest of 2010, from a forecast of $81.75 a barrel made last month, according to a monthly report e-mailed today. It lowered its forecast for 2011’s average price to $79.25 a barrel from $90.