Just months after asking, "How low can it go?" oil analysts are raising price forecasts for 2017 and beyond. But they differ on how high it will go, and when.
Many firms see a gradual increase toward $80 a barrel in the coming years, but one believes the oil cycle will peak next year.
On Monday, Raymond James increased its already bullish forecast, calling for U.S. crude at $80 a barrel in 2017, up $5 from its previous forecast. Thereafter, it believes oil will fall to $75 in 2018 and $70 in 2019.
The firm made waves earlier this year when it said U.S. crude's West Texas Intermediate contract would be pushing $70 a barrel by December. Since then, oil prices have rebounded by 85 percent from a low of about $26 a barrel to nearly $50. They rose to just more than $51 earlier this month.