Oil prices could very well reach $100 per barrel. But supply and demand are likely to bring prices back down, say analysts.
"I think you need to see crude oil prices at $100 to $110 per barrel with gasoline prices rising to $4.00 to $4.25 per gallon to have the consumer change their driving habits resulting in demand destruction," Andy Lipow, president of Lipow Oil Associates told Yahoo Finance.
"Right now gasoline prices throughout the country are pricing in vast imperfections in supply and perfection in demand," Tom Kloza, global head of energy analysis at OPIS, told Yahoo Finance. Energy prices have steadily increased since late June. Crude output cuts imposed by some of the world's largest oil producers in OPEC+ and unilateral reductions from Saudi Arabia have helped send prices about 30% over the past three months.but points to a pullback as increased supply from places like the US, Canada, Brazil, Iran and Venezuelamakes its way into the market. He also notes that "Saudi Arabia may yet reverse cuts if markets get too tight.
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