JP Morgan lowers Brent crude price forecast for second-half 2026

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AI summary

J.P. Morgan has cut its Brent crude price forecast for H2 2026, projecting Brent to average $86/bbl in Q3, $80 in Q4, and exit 2026 at $78. The revision reflects weaker-than-expected OECD inventory draws, larger demand losses, and expectations of oversupply in Q4 2026 and H1 2027, potentially requiring production curtailments in early 2027.