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Oil prices could reach as much as $85 (€58.17) by the end of this year as demand for the fuel begins to pick up, analysts have predicted.
According to the latest forecast from US bank Goldman Sachs, consumption is increasing at a quicker rate than most experts had expected.
They said that demand levels have already begun to recover from the effects of the economic crisis, meaning prices could start to edge higher in the coming months.
Indeed, with the permanent damage caused by the recession less than anticipated, consumption during the final three months of this year could reach heights not expected until the third quarter of 2010, they suggested.
As a result, the analysts said oil prices are likely to reach $85 a barrel by the end of 2009, before rising to an average of around $90 next year.
The report comes after home heating oil customers last week saw crude values fall by eight per cent as investors remained unsure about the strength of world energy demand.
US crude futures eventually settled at $66.02 a barrel on Friday, while London Brent crude ended the week at $65.11.
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