Oil prices are heading lower this year and even lower in 2019, JP Morgan forecasts

collected by :Frank Ithan

Oil prices are heading for a downturn later this year and will sink even lower in 2019 as the fundamentals of supply and demand weaken, J.P. Morgan forecast in a research note on Friday. Despite oil prices recently rising to 3½-year highs, the investment bank left its forecast for international benchmark Brent crude unchanged at $69.30 a barrel. J.P. Morgan now sees U.S. West Texas Intermediate crude averaging $62.20 a barrel, down $3 from its last estimate. WTI was trading at nearly $66 a barrel Friday, after nearly touching $73 a barrel two weeks ago. The bank knocked down its 2019 Brent forecast by $1, to $63 a barrel.

Oil prices settle higher in volatile trade as traders weigh supply prospects

A separate report from Al Arabiya said Saudi Arabia has affirmed its "readiness" use its spare oil production capacity to maintain market balance. The Saudi move has mainly come in response to rising oil prices, which are hitting consumers. "Depending on the number of companies that comply, that will cut a large amount of Iranian crude oil from the market. Even a loss of a million barrels per day will have a huge impact on crude prices, because OPEC will struggle to increase production to that level.""I'm anticipating higher oil prices this fall," said Badiali. Major oil ports in Libya have also been shut due to an armed struggle that has removed 850,000 barrels a day from the global oil market and boosted prices.

Crude Palm Oil prices to trade sideways to positive: Angel Commodities

as declared in Crude Palm Oil prices to trade sideways to positive: Angel CommoditiesAngel Commodities' report on Crude Palm oilMCX CPO continues to trade lower this week and closed lower for fifth successive session due tracking weak palm oil in Malaysia and lower tariff value for July. However, prices have been in a range due to weaker rupees and steady domestic demand. The government has slashed the base import price of CPO and RBD Palmolein by $26 to $618 per ton and $27 to $646 per ton respectively. OutlookCPO futures may trade sideways to positive on bargain buying and improved prices in international prices. However higher domestic stocks and steady domestic demand from the stockists may keep the prices sideways.