Oil prices will hit $150 this summer: Goldman analyst

Kuala Lampur: Oil prices are likely to hit $150 a barrel this summer, the global head of commodities research at Goldman Sachs said on Monday.

Speaking at an oil and gas conference in Malaysia, Jeffrey Currie, said: "I would suggest that the likelihood of that happening sooner has increased tremendously ... sometime in summer.''

Goldman Sachs has already claimed that oil prices could hit $200 within the next two years.

Oil hit an all-time high of $139.12 on Friday on the back of a weak US dollar and mounting tensions between Israel and Iran.

"Demand for oil is weak but supplies are even weaker," he added.

Investment bank Morgan Stanley has also forecast prices surpassing the $150 mark in July.