"The unexpected U.K. (referendum) result could yet trigger a more substantial downgrade to economic growth," it said.
U.S. corporate profits remain under pressure, according to the bank, which stated that earnings compared to U.S. company shares prices had fallen since the start of the year. Should the increased level of uncertainty precipitate a pullback in capital expenditure plans across the corporate sector then such a dynamic could yet lead to a "deterioration in the growth outlook", it added.
"Current high frequency estimates by J.P. Morgan Economics Research indicate that there is a 34 percent chance of a recession starting within the next 12 months," it said.
And weakening global growth would likely result in dipping demand for the commodity, thus leading to a pullback in prices. Although the bank states that global GDP growth would need to slow to around 0.8 percent for it to interfere with the market rebalancing that it predicts.