Oil: ‘Demand destruction has begun’, say JPMorgan analysts

News Snapshot:

Oil rallied an average of 28% last quarter, jumping to a 2023 high in September as OPEC+ output cuts and further supply restraints from Saudi Arabia and Russia created a deficit in the market. With prices hovering close to $90 per barrel, expect oil demand to decline this quarter, JPMorgan analysts said in a recent client note. "After reaching our target of $90 in September, our end-year target remains $86 [per barrel]," wrote Natasha Kaneva, head of the global commodities strategy team at JPMorgan. Kaneva says inventory draws seen during the summer will turn into a slight build in the...