J.P. Morgan projects Brent crude oil prices to average $73 per barrel (/bbl) in 2025, expecting the year to close with prices firmly below $70/bbl, according to a note released by the bank on Friday. The forecast places U.S. West Texas Intermediate (WTI) at $64/bbl by the end of 2025.

"Our view on 2025 has remained largely unchanged over the past year: we look for a large 1.3 mbd (million barrels per day) surplus and an average Brent of $73," the bank stated.