Oil strength may hold despite fundamentals , says JP Morgan - Moneycontrol.com

Crude oil prices could hold near recent strong levels in the near term despite a slew of negative fundamental factors, JP Morgan said in a weekly research note released on Friday.

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Crude oil prices could hold near recent strong levels in the near term despite a slew of negative fundamental factors, JP Morgan said in a weekly research note released on Friday. "The surge in crude prices over the past week has pushed crude out of its one-month range and within reach of USD 90 a barrel -- but to reach that goal, the market has to fret more about OPEC than a barrage of negative fundamentals," said Lawrence Eagles, an analyst at JP Morgan in New York.

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Last Tuesday, front-month May crude traded on the New York Mercantile Exchange hit an 18-month high USD 87.09, but prices tumbled in the next three days after midweek government data showed domestic crude stocks rising for the 10th week in a row last week.

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