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Following the recent recoveries in oil prices, analysts at JP Morgan anticipate oil prices to surge to $100 in two years. However, the report also cites short-term fears in the report.

Key quotes

We see oil going to $100 within two years.

The near term, clearly, it’s very tough.

Oil prices should sit somewhere between $35 and $40 by the end of the year.

Two to three-year view, we see a huge supply response, a lot of oil coming off the market, and we are very bullish on the long term viewpoint.

Expect as we go to the second half of this year, as we see demand bottom, and we see the OPEC cuts coming into play and potentially deeper cuts.

It’s worth mentioning that WTI Futures for June pierces $24.00, up 2.18% on the day, by press time of early Friday. In doing so, the energy benchmark defies the previous two-day declines.

Also read: WTI Price Analysis: Snaps two-day losing streak, but still below $24.00