Oil prices are poised to shoot through the top of recent ranges amid growing global demand and that could boost U.S. crude by some 36 percent from current levels, one analyst told CNBC.
U.S. crude futures were trading around $102.50 a barrel on Tuesday, not far off four-month highs hit last week above $103. Brent crude hovered at $110.50 and within sight of six-week peaks set last week.
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"Oil has been consolidating for several years in a sideways pattern and I believe that global demand is picking up and that's going to shoot it through the top of that range," Sean Hyman, editor of the Ultimate Wealth Report, told CNBC Asia's "Squawk Box."
"Once it finally does, we will see it hit $140 faster than a lot of people's heads can spin," he said, referring to West Texas Intermediate (WTI) oil.
He had a 30 to 90 day target of $110 to $113 for WTI and expected Brent crude prices to rally to $120 and then $130, implying a gain of as much as 18 percent from current levels.
Cold weather in the U.S. and unrest in oil exporting countries such as Venezuela in recent weeks have bolstered oil prices.
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