efficentupup wrote a post · Jun 8, 2022 18:08

Even if oil hits $150 a barrel, J.P. Morgan’s Kolanovic predicts stocks will reclaim 2022 highs

$JPMorgan (JPM.US)$’s Marko Kolanovic predicts oil is surging higher — but so are stocks.

Kolanovic, who serves as the firm’s chief global markets strategist and co-head of global research, believes the U.S. economy is strong enough to handle oil prices as high as $150 a barrel.

"There could be some potential further spikes in oil, especially given... the situation in Europe and the war. So, we wouldn't be surprised," he said. "But it could be a short-lived spike and eventually, sort of, normalize."

WTI crude is trading around three month highs, settling up 0.77% to $119.41 a barrel on Tuesday. Brent crude closed at the $120.57 mark. The bullish move came as Shanghai reopened from a two month Covid-19 lockdown, opening the door for higher demand and more upside.

$SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $Camber Energy (CEI.US)$ $Imperial Petroleum (IMPP.US)$ $Exxon Mobil (XOM.US)$

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