RBC Capital Markets Head of Commodity Strategy and CNBC Contributor Helima Croft predicts prices will climb to the low $60s within months — a nearly 20 percent move from current levels. That would translate to roughly a $1.80 gasoline spot price.
Summer driving season will also give prices a "boost," and demand won't fall anytime soon, according to Croft.
Crude initially jumped two percent in reaction to U.S. airstrikes on Syria before giving back some gains. The commodity settled up one percent on Friday to $52.24 a barrel, its highest settle in a month. However, crude is still down nearly three percent so far this year.
Nearer term, Croft lists OPEC as a key factor in the direction of oil prices. She believes OPEC's next meeting on May 25 could have more immediate impact.
Source: Bloomberg
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