The price of oil continued its bumpy ride higher on Friday, with analysts feeling more confident that the commodity is set to climb in the coming months after its dramatic fall.
U.S. crude rose by nearly $1 a barrel on Friday, and was trading above $52 a barrel by 10:00 p.m GMT (5:00 a.m. EST). Brent crude for April delivery opened at $59 a barrel and rose above $60 a barrel for the first time this year.
The latter has seen gains of around 4 percent so far this week, tracking similar gains over the previous seven days.
While oil experts still expect a period of major volatility ahead, a growing number are more upbeat that prices could edge towards the $100-per-barrel level by year-end.
"The good news is that demand is responding and responding quite well," Amrita Sen, chief oil analyst at Energy Aspects, told CNBC Friday. "All the indications so far is that it's rising thanks to the lower oil prices. So I think there is some good news."
Sen said that she believes oil will be range-bound between $40 and $50 for the first half of 2015, before rising to $70 or $80 in the second half of the year.