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J.P. Morgan Slashes Brent Crude Price Forecast Amid Lower Demand and Inventory Withdrawals

Guavy AI Editorial Team
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J.P. Morgan has lowered its second-half 2026 Brent crude oil price forecast due to lower-than-expected OECD commercial inventory draws and lower demand for oil.

The bank now sees Brent averaging $86 per barrel in the third quarter, down from a previous estimate of higher prices.

J.P. Morgan attributed the downward revision to 'materially less upward pressure on oil prices' caused by stronger-than-expected demand losses and inventory withdrawals.

The bank expects OECD inventories to continue drawing by an additional 50 million barrels between April and July, leading to a projected oversupply in late 2026.

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