- Markets make opinions, and oil's sizable bounce over the past month - 30% and counting - has the team at JPMorgan seeing "signs of stability and modest upside" for black gold.
- "The bottoming-out phase for oil prices has occurred more quickly than anticipated driven by Iraq’s production shortfall during Q1, stronger-than-expected refinery runs absorbing surplus crude supplies, and rising geopolitical tensions centered on the conflict intensifying in Yemen," says Joyce Chang, head of global research at the bank, who also sees stronger demand growth, particularly towards year-end.
- Source: Barron's
- Previously: Baker Hughes increases layoffs to 10,500 (April 21)
- Oil's about unchanged on the session at $56.30 per barrel.
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM