JP Morgan asserts oil is quite cheap relatively anyway.
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Oil Very Cheap Relative to Other Assets, JPM’s Kolanovic Says
Joanna Ossinger
Mon, November 22, 2021, 10:55 PM
(Bloomberg) -- While the top consuming nations are preparing to release oil from their national reserves to rein in rising prices, crude is actually cheap relative to other financial assets, according to JPMorgan Chase & Co.
Among global stocks, bonds and commodities, oil is in the 19th percentile over the last 20 years, and to rise to the 50th percentile relative to historical levels, it would need to be at $115 per barrel, strategists led by Marko Kolanovic said in a note Monday. West Texas Intermediate was near $76 on Tuesday.
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In response to this post by Hoogle.com)
Posted: 11/23/2021 at 09:14AM