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J.P. Morgan cuts 3rd-quarter oil price forecast to $75 a bar

Market Watch -- SAN FRANCISCO (MarketWatch) -- J.P. Morgan Chase & Co. has lowered its price target for crude-oil futures, saying the recent bounce is likely temporary and forecasting prices around $65 a barrel by October.

The firm has tweaked its third-quarter price forecast to $75 a barrel, from $77 a barrel.

Investors should view the recovery in prices in the coming week as "a selling opportunity," analysts at Morgan wrote in a note to clients.

Prices are likely to "move into the mid $60s before (the Organization of the Petroleum Exporting Countries) meets in October," they said.

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Submitted Aug 30, 2010 By: DocWyeth
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jjjleblanc
Champion Author Rochester

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Message Posted: Aug 30, 2010 6:01:30 PM
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Should be lower.
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jaxtrax
Champion Author Toronto

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Message Posted: Aug 30, 2010 2:56:19 PM
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Hope is goes down even more ... but mid-70s are good.
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Night Owl
Champion Author Toronto

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Message Posted: Aug 30, 2010 2:34:42 PM
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Still far too high.
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BMW2014
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Message Posted: Aug 30, 2010 1:43:15 PM
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Good news.
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