J.P.Morgan slashed its future predictions of crude oil prices for all quarters of 2015 and 2016 for both benchmarks, Brent and West Texas Intermediate.
The U.S. multinational banking and financial services firm revised down its oil price forecast for 2015 from $82 to $49 per barrel on average, and from $87 to $56 per barrel for the 2016 average.
For 2015, the lowest price of Brent crude oil is projected to be $42 per barrel for the first quarter, while the highest price is expected to be $58 per barrel during the fourth quarter.
'We believe that the oil price recovery will be drawn out and ultimately reset to a challenging lower level,' said the investment bank in a report.
Meanwhile, West Texas Intermediate price is revised to $46 from $77 per barrel on average for 2015, and to $51 from $80 per barrel for 2016 average.
For 2015, the price of American benchmark is forecast to be as low as $40 per barrel for the first quarter, and as high as $81 per barrel for the fourth quarter.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr