JPMorgan economists said late last week that if supply cuts continue, the price of Brent crude could jump to as high as $120 per barrel. But they expect crude prices will drop back to $86 per barrel next quarter.
West Texas Intermediate settled at $90.39 per barrel on Tuesday while Brent also closed fractionally higher at $93.96 per barrel.
JPMorgan economists expect global gross domestic product to be impacted if oil prices stay elevated. However Kasman forecasts crude prices will drop back to $86 per barrel next quarter, in which case an oil shock "will fade quickly."
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