JPMorgan Says Oil Market May Be Set for a “Notable Correction”

Oil investors should consider selling existing bullish positions because prices may decline this week without fresh political tension in North Africa and the Middle East, according to JPMorgan Chase & Co. (JPM). New York crude futures surged to the highest since October 2008 on Jan. 31, with London’s Brent trading above $100 a barrel, on concern Egyptian unrest would disrupt supplies from the Middle East and unsettle the region’s stability. Signs that protests are easing mean the market may be set for a “notable correction,” the bank said in a report yesterday. – Bloomberg

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