Oil prices are cheap compared to record highs of other assets including stocks and other commodities, JPMorgan Chase says. Brent Crude was trading at around $81.50 on Tuesday afternoon, and the U.S. benchmark, WTI Crude, was at the $78 a barrel handle, after a group of oil-consuming nations decided to unleash millions of barrels of crude from emergency stockpiles. Despite the fact that major oil-consuming nations see these prices as too high and hampering the global economic recovery, according to one metric JPMorgan Chase has used to compare asset prices, crude oil is actually very cheap. “Relative to broad levels of various asset prices and the monetary base, oil looks remarkably cheap,” JPMorgan strategists led by Marko Kolanovic wrote in a note this week carried by Bloomberg . “One could say that oil-producing countries (often developing countries) have been subsidizing oil-importing countries (often developed countries), given the broad monetary […]