Oil expected to head back into high $80s by September, JPMorgan analysts say

News Snapshot:

Oil's recent pullback is likely temporary, as an uptick in demand in the coming months will send prices higher, JPMorgan analysts say. On Thursday, West Texas Intermediate (CL=F) futures rallied 2% to rise above $75 per barrel while Brent (BZ=F), the international benchmark price, increased almost 2% to trade just below $80 per barrel. The rebound follows a sharp sell-off earlier this week after oil alliance OPEC+ announced it would keep most of its reductions in place into 2025 but start a gradual unwind of its voluntary cuts in October. "Summer inventory draws should be enough to get Brent back...