NEW YORK ( CNBC) -- Signs that crude futures may hit much higher levels are converging, say oil traders and analysts, some of whom predict that Brent crude could reach $200 a barrel within the next 12 months. The biggest issue, they say, is that global crude supply remains uncommonly tight -- a scenario that's unlikely to be alleviated any time soon. Even though Libya's oil has largely returned online after the political disruptions that took it off the market last year, and Saudi Arabia is generating its highest output in three decades, the available crude is just barely meeting demand. The summer driving season in the U.S., which begins in April, could put further pressure on prices.
By Kate Kelly, CNBC Reporter
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