“Even against this backdrop of a firmer dollar and potential demand destruction, talk of $100 a barrel is rife,” Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Friday.
“While we see such predictions as premature, one thing is clear: the ascent in oil prices shows few signs of capitulating,” he added.
International benchmark Brent crude traded at around $82.03 on Friday, up around 0.38 percent, while U.S. West Texas Intermediate (WTI) stood unchanged at around $72.13.
Looking into 2019, S&P Global Platt’s Wang said OPEC producers were apparently reluctant to “open the floodgates” now because global oil demand is expected to be weaker next year.
OPEC forecasts that non-OPEC rivals, led by the U.S., would raise output by around 2.4 million barrels per day in 2016, while global oil demand would grow by just 1.5 million bpd.