{"id":107483,"date":"2021-02-19T12:28:54","date_gmt":"2021-02-19T12:28:54","guid":{"rendered":"https:\/\/fin2me.com\/?p=107483"},"modified":"2021-02-19T12:28:54","modified_gmt":"2021-02-19T12:28:54","slug":"jpmorgan-says-two-factors-could-drive-up-oil-prices-by-another-5-to-10-per-barrel","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/jpmorgan-says-two-factors-could-drive-up-oil-prices-by-another-5-to-10-per-barrel\/","title":{"rendered":"JPMorgan says two factors could drive up oil prices by another $5 to $10 per barrel"},"content":{"rendered":"<ul>\n<li>JPMorgan Asset Management&#x27;s Kerry Craig says two factors could drive oil prices &quot;a little bit higher&quot; from where they are now.<\/li>\n<li>In the afternoon of Asia trading hours on Friday, international benchmark Brent crude futures were at $62.91 per barrel. U.S. crude futures changed hands at $59.34 per barrel.<\/li>\n<li>Both Brent and West Texas Intermediate crude futures have risen more than 20% each so far in 2021.<\/li>\n<\/ul>\n<p>SINGAPORE \u2014<strong> <\/strong>JPMorgan says crude prices could see further upside ahead as oil continues to see strong gains so far this year.<\/p>\n<p>It comes against the backdrop of an improving global outlook as major economies press ahead with their ongoing coronavirus vaccination campaigns.<\/p>\n<p>&quot;I think there&#x27;s room for oil prices to move a little bit higher in this environment but, you know, not thinking about a price of $80 or $90 a barrel. Maybe it goes up by $5 or $10 more from here,&quot; Kerry Craig, global market strategist at JPMorgan Asset Management, told CNBC&#x27;s &quot;Street Signs Asia&quot; on Friday.<\/p>\n<p>In the afternoon of Asia trading hours on Friday, international benchmark Brent crude futures were at $62.91 per barrel. U.S. crude futures\u00a0changed hands at $59.34 per barrel. Both Brent and West Texas Intermediate crude futures have risen more than 20% each so far in 2021.<\/p>\n<p>Oil prices have moderated in recent days after surging to their highest in more than a year.<\/p>\n<p>Just this week, a deadly winter storm in southern U.S. resulted in days of power outages in Texas, wrecking havoc on the state&#x27;s energy infrastructure and taking millions of barrels per day of oil production offline. Energy prices popped as a result of that development.<\/p>\n<h2>Key drivers for higher oil prices<\/h2>\n<p>There are two things that will likely drive oil prices going forward, according to Craig.<\/p>\n<p>Firstly, demand for oil is expected to pick up as the global economy recovers from the hit of the coronavirus pandemic, he said. However, that will be &quot;curtailed to a certain extent&quot; due to the low likelihood of international travel coming back in a big way soon. Travel is an &quot;important source of demand,&quot; he added.<\/p>\n<p>On the supply side, he said: &quot;We&#x27;re still relying on those OPEC+ members to keep that supply relatively curtailed and I think there&#x27;s still a question about that in terms of the amount of supply coming on relative to demand.&quot;<\/p>\n<p>OPEC and its allies, known collectively as OPEC+, have sought to navigate their way through a historically tumultuous period that has included an unparalleled collapse in oil prices as well as a major fuel demand shock amid the pandemic.<\/p>\n<p><em>\u2014 CNBC&#x27;s Sam Meredith, Jeff Cox and Pippa Stevens contributed to this report.<\/em><\/p>\n<p><em>Subscribe\u00a0<\/em><em>to CNBC PRO<\/em><em>\u00a0for exclusive insights and analysis, and live business day programming from around the world.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/19\/jpmorgan-says-two-things-could-push-up-oil-prices-by-another-5-to-10-per-barrel.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Asset Management&#x27;s Kerry Craig says two factors could drive oil prices &quot;a little bit higher&quot; from where they are now. In the afternoon of [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":107482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JPMorgan says two factors could drive up oil prices by another $5 to $10 per barrel - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/jpmorgan-says-two-factors-could-drive-up-oil-prices-by-another-5-to-10-per-barrel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan says two factors could drive up oil prices by another $5 to $10 per barrel - Fin2me\" \/>\n<meta property=\"og:description\" content=\"JPMorgan Asset Management&#x27;s Kerry Craig says two factors could drive oil prices &quot;a little bit higher&quot; from where they are now. 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