JP Morgan Raises 2020 Oil Price Outlook

JP Morgan raised on Tuesday its oil price forecasts for next year, as the investment bank expects OPEC’s production cuts to be effective in conjunction with expectations for better economic growth in emerging markets, Reuters reported. It is estimating that rather than oversupply, the oil market will be in a deficit next year, by 200,000 bpd. This is in stark contrast to its estimates from September, that assumed a 600,000 bpd oversupply situation for 2020. It is expected a 1 million bpd global demand growth—the same as its September…