JPMorgan Says Oil Prices Still Have Further to Rise

JPMorgan says oil prices still have further to rise because the market has not yet forced enough demand out of the system to offset the supply loss from the Iran war. Global oil supply disruptions reached 9.1 million barrels per day in March and climbed to 13.7 million barrels per day in April, according to JPMorgan’s Natasha Kaneva. The first relief valve, spare capacity, has not worked because supply from Saudi Arabia and the United Arab Emirates remains cut off. Inventories are being pulled instead. JPMorgan estimates global stocks fell…