Oil expected to head back into high $80s by September, JPMorgan analysts say

Oil’s recent pullback is likely temporary, as an uptick in demand in the coming months will send prices higher, JPMorgan analysts say. On Thursday, West Texas Intermediate (CL=F) futures rallied 2% to rise above $75 per barrel while Brent (BZ=F), the international benchmark price, increased almost 2% to trade just below $80 per barrel. The rebound follows a sharp sell-off earlier this week after oil alliance OPEC+ announced it would keep most of its reductions in place into 2025 but start a gradual unwind of its voluntary cuts in October. “Summer inventory draws should be enough to get Brent back…