JPMORGAN: The struggling oil market finally stabilized, but recovery will take up to 3 months

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• The ailing oil market has reached an inflection point after plummeting to historic lows in April, JPMorgan analysts said Wednesday.
• Demand will bounce back over the next two to three months to outpace the commodity glut, the bank projected.
• Even as supply surpluses give way to deficits, demand won't reach pre-outbreak levels until November 2021 due to the coronavirus' lasting impact, JPMorgan added.
• Watch oil trade live here.

Global oil demand remains at historic lows as inventory vastly outpaces storage, but JPMorgan analysts think the worst of the commodity-market carnage is over.

The coronavirus pandemic and the ignition of a price war helped push oil futures below $0 for the first time on April 20. Producers worked to curb supply and lift prices, and after weeks of emergency action, inventories are finally turning toward recovery.See the rest of the story at Business Insider

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