Bill Smead, chief investment officer at Smead Capital Management, has a bold market call: that oil prices could soar more than 100% in the next few years. Smead told CNBC's "Street Signs Asia" on Tuesday that he expects crude prices to rise to between $150 to $200 a barrel over the next three to five years. That's an increase of between 100% and $170% from Tuesday's Brent crude price of around $74 per barrel.
Research firm Rystad Energy noted last week that much will depend on China's economic performance in the second half of this year, and the ability of the U.S. and Europe to avoid an economic slowdown amid rate hikes. Nevertheless, it said: "We believe that, at some point in the coming weeks, market fundamentals will drive the oil market. Upside price pressure will materialize soon.