Crude oil prices could dip to the low $60s by the end of 2025 after rising to $80 a barrel in the last quarter (October-December) of 2024 -- up nearly 10 per cent from current levels, suggest analysts at JP Morgan.
The main players in West Asia, including Saudi Arabia and the UAE, have a strong incentive to keep the conflict contained, according to the JP Morgan report.
"The current situation suggests that, given the low level of oil inventories, there could be a sustained geopolitical premium in crude prices until the conflict is resolved in the short term," said Natasha Kaneva, head of global commodities strategy at JP Morgan, in a recent report.
This story is from the October 23, 2024 edition of Business Standard.
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This story is from the October 23, 2024 edition of Business Standard.
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