Analyst Rubin: Oil to Hit Triple Digits, Set New High

Energy analyst Jeff Rubin says oil will reach triple digits before year’s end.

By the fourth quarter of this year, oil prices will be back in triple-digit range, and by next year oil prices will rise to record highs, taking out the high-water mark of $147 a barrel set before the recession began in 2008, Rubin says.

Oil fell to around $85 a barrel on Friday, retreating further from an 18-month high reached on Tuesday, after a credit agency cut Greece's debt rating and investors focused on healthy oil supplies.

"We’re barely out of the recession, and already we face prices that, just a few years ago, our government, our oil industry and our economists told us we would never see," he wrote in the Globe And Mail. (more)