Oil prices are heading for an all-time high of $150 a barrel According to America’s biggest bank.
Analysts at JP MOrgan reckon that the price of crude could surpass a previous record of $147.5 a barrel by the end of this year.
The bank report also warned of pressures on crop prices,and that “conditions of acute scarcity persist across all commodities.” The bank’s chief exec Jamie Dimon apparently thinks oil could surge to $175 a barrel.
One commodity trader at Trafigura has been quoted as saying oil could go “parabolic” - you can work that one out for yourself!
Stalker wonders if the report was entitled - Bumpy Ride Ahead.
As we go to press, the price of a barrel of crude stands at $112.
