JPMorgan Boosts 2011 Brent Oil Forecast by $9 to $104
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JPMorgan Chase & Co. boosted its 2011 oil-price forecast for Brent oil by $9 to $104 a barrel, citing supply shut-ins in Libya.
The $104 forecast “assumes that supply problems will be limited to Libya, that OPEC will supply additional oil and that demand for precautionary inventories will moderate over time from their crisis-levels of today,” analysts led by Lawrence Eagles in New York said in a note to clients today.