Oil prices could reach $90 a barrel by Christmas and rise further to $100 a barrel before the new year, Trafigura’s Co-Head of Oil Trading Ben Luckock told a conference on September 24, according to Reuters.

The increase from the current prices floating around $80 a barrel would be due to robust global demand, Luckock added.

Trafigura Group Pte. Ltd. is a multinational commodity trading company founded in 1993 that trades in base metals and energy.