Oil prices hit a record high on Friday, with the Brent crude oil benchmark crude oil price at $60 per barrel.
That’s an increase of more than $1 million from the price at which the United States last traded Brent crude.
The Brent price is expected to continue rising as investors look for better opportunities to earn returns on their money.
“I think we are looking at a new record for oil prices.
It’s going to be a long time before we can get back to where we were in 2013 and 2014,” said Steve Koonin, managing director at hedge fund BlackRock.
There are no signs that oil prices are slowing down, according to analysts at Morgan Stanley.
Brent crude oil has averaged about $50 per barrel since the beginning of 2014, according a Bloomberg News report.
But this weekend’s price jump is unlikely to last forever.
Oil prices were already hitting new records at the start of this year.
And oil companies have already begun cutting back on spending in the face of higher oil prices, Bloomberg reports.
If oil prices do not recover quickly, it could push up the cost of oil to US consumers, hurting the economy.
One of the reasons why the price of oil is so volatile is that it depends on many factors, including supply and demand.
Many analysts say oil prices have reached a point where it is impossible to predict when they will go back to normal.