When oil price hits $100 a barrel, investors may have to think twice, experts say
Oil prices may be headed for a $100 oil price at some point this week, according to analysts.
While some analysts believe oil prices will rise above $110 per barrel next week, a Reuters poll of about 200 analysts found only 37 percent believe the price will reach that level by the end of the week.
The poll, which surveyed more than 2,000 economists, found more than two-thirds believe oil could rise above the $110 mark by the time the holiday shopping season rolls around next week.
While investors have taken a big hit this year as crude oil prices have plunged, most of the price decline has been in the dollar.
The U.S. dollar is up more than 50 percent against the euro, while Japanese yen has lost nearly three-quarters of its value against the greenback.
Oil and gas companies have been hit hard by falling oil prices.
U.N. data released Tuesday showed the cost of natural gas, a major fuel source, was at its lowest level in a year, down 5.7 percent.
U.S.-based drilling rig prices also have plummeted this year, with the average rig count falling by more than half to just 1,829 rigs in the first nine months of the year.