WTI oil prices end Friday’s trading session at $105, which is $4 a barrel higher than the previous week’s closing price and a 30 month high for US Light crude, while analysts forecast high oil prices maybe just around the corner.

WTI Oil Futures – Closing Price

US Light crude oil futures for April 2011 delivery ended the week’s trading session at $105.40 a barrel on the NYMEX, $3.86 a barrel higher than last week’s closing price of $101.54.

JP Morgan – WTI Oil Price Spike?

JP Morgan analysts warned in a research note yesterday that there is a strong likelihood of a oil price spike in the next 3 months with the possibility that WTI NYMEX crude oil futures may average $111 a barrel.

Barclays – Oil Price Forecast

On Thursday, Barclays Capital analysts had forecast that US WTI oil prices could move higher to $113 a barrel on global spare capacity concerns, noting that China’s oil demand has jumped 15 percent this year.

What’s pushing oil prices higher is concern that global oil supplies will shrink this year as energy appetites grow around the world.

The world is expected to use 88 million barrels of oil per day in 2011, up from 86.7 million in 2010. Meanwhile, uprisings in Libya, Yemen and other countries in the Middle East are threatening oil exports and pushing both Brent and WTI oil prices ever higher.