Barring any unforeseen geopolitical events, oil prices are likely to hit $60 a barrel before they hit $80 a barrel, according to Phil Dodge, an analyst at Stanford Group Energy.
"More oil is available in the market and coming into the United States, and at some point, that will cause the price to top off," Dodge said.
However, others including CNBC Contributor John Kilduff, disagree. According to Kilduff, oil supplies will continue to struggle as tensions in Nigeria, Turkey, Iran, and Northern Iraq persist.
"There's just so much trouble," said Kilduff, who is senior vice president and energy analyst at Man Financial. "There's so much investment dollars coming into the crude oil market. This recent rally has been highlighted by open interest increases, which confirms to me, we still have higher to go."