Brent crude is likely to rise toward the $147-a-barrel high it hit in 2008, according to Roelof van den Akker, analyst at ING Wholesale Banking, said Tuesday.
Oil is "(s)till very bullish from a longer-term perspective," he told CNBC.
But he warned that the gains will not be carried through without a near-term "minor" pullback between $108 and $114 a barrel.
"Given the pullback in the oil price, we might see some release within the stock markets as well," van den Akker suggested, adding that this may only be temporary and that markets will then resume their rally.
The downside potential for the euro against the dollar is "limited," van den Akker said. But he added that "we should see some hesitation around these current levels."
He has an upside target of $1.4250 for the euro, with the possibility of it trading at $1.50 or even $1.60 if that target is hit.
