Rising oil prices are raising talk of a 2008 repeat but pundits expect the Organization of the Petroleum Exporting Countries to put the lid on any spike by hiking crude output.
Crude pushed above $92 a barrel intraday on Monday to its highest since October 2008. It closed up 17 cents at $91.55. Oil peaked at $147.27 on July 11, 2008, and then dived to nearly $32 six months later during the global financial meltdown.
Oil bulls say $100 is within reach if harsh winters in Europe and the U.S. continue and the global economic recovery picks up steam, increasing energy demand.
Economist Ed Yardeni said in a Monday research note that he “would not be surprised to see the price of oil over $120 a barrel by midyear.” But some analysts think that any spike above $100 could be short-lived.