Oil: Everything is gravitating towards $50 a barrel: JP Morgan

Rising US shale output will likely push oil prices back to near $50 a barrel, according to investment bank J.P. Morgan.

Christian Malek, the head of EMEA oil and gas equity research at J.P. Morgan,  while talking to CNBC said:

"Everything is gravitating towards $50 a barrel"

"I think to see Russia continue with OPEC over the medium term is quite bullish. Our base case would be that you'd find that they sort of agree on an independent framework, work together but ultimately just around a range in production"

"History says that OPEC complying with individual quotas has never happened, so I think this framework would arguably be a paper framework"