J.P. Morgan raises 2018 oil-price forecast

J.P. Morgan senior oil analyst Abhishek Deshpande expressed his view on oil prices for the coming year on CNBC's "Power Lunch.

Key Quotes:

"Going into 2018 we are expecting this whole synchronized global, economic growth which, of course, has a direct impact on oil products demand."

"And if tax reform was to impact the growth in oil products demand on the upside, for sure that will help balance the market even more than what they're anticipating in '18."

The provision for 100 percent capital expenditure expensing will likely translate to more drilling by U.S. companies — if the price is right.

"It's going to help U.S. producers to increase their drilling activity in 2018 and going forward."