Analysts predict a rise in the price of a barrel of oil with possibilities of reaching $100, due to high demand and low production and supply capacity, as well as low investment in the sector.

Oil prices will be supported by the reluctance of many governments to reinstate the tight restrictions that hurt the international economy when the pandemic took hold in 2020.

Brent crude oil futures traded above $84 on Wednesday, hitting two-month highs.

"Assuming China does not suffer a sharp slowdown, I see no reason why Brent crude oil cannot advance to $100 in the first quarter, possibly sooner," said Jeffrey Halley, senior market analyst at OANDA.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) are gradually relaxing the production cuts implemented when demand collapsed in 2020.

"We don't want to see $100 a barrel. The world is not ready for that," said Mohammed Al Rumhi, Oil Minister of the Omani Sultanate.

Morgan Stanley forecasts Brent crude to reach $90 per barrel in the third quarter of this year.

With the prospect of depleting crude oil stocks and low spare capacity until the second half of 2022, and limited investment in the oil and gas sector, the market will have little margin of safety, the bank said.