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Oil prices are rising at a historic pace, and they are likely to get even higher and more volatile

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Oil pump under the blue sky with beam pumping unit in the oil field.
Zheng Zaishuru | iStock | Getty Images

Oil prices have doubled since last fall, and they are expected to continue to move higher in a volatile and unusually bullish period for the commodity.

While there are some calls for $100 oil, not all industry analysts agree the crude price per barrel will soon reach that milestone or stay there for long if it does. But they do agree there is more than one wildcard that makes calculating the future price very difficult.

Those unknown factors include the fate of U.S. oil producers, how "OPEC+" uses production controls and how demand recovers in places hard hit by the pandemic, like India.

The market is currently experiencing a surge in demand but production is not running at the same pace, and inventories are falling.

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