Oil Price Forecast To Hit New Lows in 2015

Prices of oil in the world market could hit new lows this year due to increased production and peak seasonal refinery maintenance in October, JP Morgan has predicted. Reuters has reported that JP Morgan lowered its 2015 average forecast for Brent crude by USD16 per barrel and US oil by USD19 for 2016. “The pace of weakening refining margins and increase in rig counts are two key events in July that lead to a turn in our expectations,” the US investment bank said in a note. – BusinessNewsAsia.com