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US Equity Strength Sets Tone for Asian Markets
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'If you want to invest in gold, buy SGBs, not jewellery,' advises CapitalMind's Deepak Shenoy
'If you want to invest in gold, buy SGBs, not jewellery,' advises CapitalMind's Deepak Shenoy
JP Morgan expects Brent crude oil prices to remain flat in 2024, averaging $83 a barrel
- down in 2025, averaging $75 per barrel
- for this year, 2023 sees average $81
More:
- in 2023 demand is on track to grow by 1.9 million barrels a day, with non-OPEC supply is expected to surpass this with a 2.2m b/d expansion, primarily driven by a 1.5m b/d increase in U.S. output
- sees global sustained demand of 1.6 million barrels a day in 2024
- supported by robust emerging-market economies, a resilient U.S., and a weak-but-stable Europe
- supply growth in 2024 from non-OPEC producers is seen at 1.7m b/d, more than matching gains in demand
- JPM says that to keep the oil market balanced, OPEC+ alliance would need to continue constraining production
- Global oil demand growth could decelerate to 1 million barrels a day in 2025, with non-OPEC+ supply potentially surging and the global market likely shifting into a surplus
- could lead to OPEC+ members deepening current cuts by a million barrels per day
- expects Saudi Arabia and Russia to extend their voluntary production/export cuts through Q1 2024
This article was written by Eamonn Sheridan at www.forexlive.com.
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