JP Morgan said oil could shoot past $150 a barrel as demand outpaces supply. That’s partly because companies haven’t invested enough in future production, raising the prospect of a major supply deficit ahead.
Meanwhile, investors are closely watching if the Federal Reserve will make another outsized interest-rate hike of 75 basis points after its two-day meeting later Wednesday. Oil prices have been weighed down by concerns the Fed’s aggressive monetary policy could trigger a recession, which would hurt demand.
