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JPMorgan: oil prices turndown can reach $65 point

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JPMorgan: oil prices turndown can reach $65 point

Investment JPMorgan Chase Bank significantly marked down the forecast for oil prices.

It considers that oil prices quotations can possibly fall up to $70 per barrel or even reach $65 level in the early January next year. This picture turns to be realistic in case OPEC won’t take a decision during its meeting in November on decrease in oil allowable production. This issue is raised in investment bank review, informs “Interfax”.

“Excessive supply in the oil market in lower than expected settings of global economic growth increases the necessity to reduce the quota by OPEC member countries. Now the key issue is that OPEC member countries will not likely reach the decision, at November meeting, to reduce the oil output”, says the review.

Nevertheless, JPMorgan believes that in case in November OPEC will not make a decision to reduce quotations than oil prices can fall to $70 per barrel or even reach the $65 level in the early January next year.

“However, such intensive turndown in oil prices quotations perhaps can be a good reason for OPEC to cut oil output. It should be mentioned that we do not expect the OPEC reach this decision till the end of 2014”, says the review.

According to new JPMorgan’s forecasts, in the fourth quarter of 2014, oil prices will reach the average level of $80 per barrel, and in 2015-2016 will reach $ 82 and $ 88 respectively. Previously, experts expect that in the 2015-2016 oil quotes will be within the range of $ 110-120 per barrel.

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