The price of oil looks set to rise further as political factors limiting investment will join rising demand and a weak dollar among factors pushing up prices, analysts told CNBC Wednesday.
"China is going to be demanding more oil and other commodities as well. Commodities are also getting a kick from the weakness of the dollar," Neil Atkinson, senior consultant at KBC Financial Services told "Worldwide Exchange."
If US consumers are hit by another surge in gasoline prices, "that could be disastrous for the US economy next year," Derek Halpenny, European head of currency research at Bank of Tokyo-Mitsubishi UFJ, said.
In a report, the Organization of the Petroleum Exporting Countries slightly raised its forecast for growth in oil demand for next year but said fuel consumption may not return to pre-crisis levels.