Oil just hit its highest level of the year — and some analysts expect a return to $100 before 2024

Oil prices climbed to their highest level of the year this week, extending a rally that has put a return to $100 a barrel sharply into focus.

Indeed, some analysts believe crude prices could hit this milestone before year-end.

International benchmark Brent crude futures traded 0.3% lower at $93.46 a barrel on Friday afternoon in London, while U.S. West Texas Intermediate futures stood little changed at $90.09.

Both Brent and WTI settled at their highest respective levels of the year on Thursday. The oil contracts are sharply higher month to date and remain firmly on track to notch their third consecutive positive week.

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Source: CNBC

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