A cold winter could lift Brent crude prices to above 100 U.S. dollars a barrel for the first time since 2014 as demand continues to outstrip supply.
This is according to the Bank of America, which also said that the rising oil prices could lead to an economic crisis.
Brent crude futures on Thursday climbed 82 cents or 1 percent to 84 dollars a barrel.
West Texas Intermediate crude futures for November delivery also gained 87 cents or 1.1%, to settle at 81-dollars-31 cents a barrel.
This is the highest figure since October 2014.
Goldman Sachs also forecast that oil could maintain its high price levels for much longer in the years to come.
It said as the demand rebounds while supply is at a tight level, the base case is for Brent to reach 90 dollars by the end of this year.
The International Energy Agency also said that as heavy industries and the power sector change from more expensive sources of energy, demand is to soar further.
It also said that the cold weather could boost oil demand by half a million barrels per day.
It added that the energy crunch could cause inflation and slow the world's economic recovery from COVID-19.
The White House is in discussions with oil and gas producers about fuel costs amid retail gasoline prices hitting seven-year highs and winter bills expected to increase.
Eum Ji-young, Arirang News.