JPMorgan raises oil price forecast to $70 - CNBC

As per CNBC report, JPMorgan has raised the 2018 Brent crude oil price forecast to $70 a barrel.

The investment bank expects better-than-expected global growth to boost oil demand in the first half of the year. However, drillers are likely to take advantage of higher prices, thus flooding the market in the second half of the year, says JPMorgan.