Oil Demand Destruction Is Here Amid Ukraine War, JPMorgan Says
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Commodities markets have a well-worn saying that “the cure for high prices is high prices.” According to JPMorgan Chase & Co., the process may just be starting to happen in oil.
Consumers are feeling the pinch as oil has jumped to more than $100 a barrel following Russia’s invasion of Ukraine. But the actual war in Ukraine, the financial sanctions targeting Russia and the spread of the omicron variant in China have all had even more of a direct impact on oil demand than those elevated prices, according to the bank.