CME Oil futures have surged nearly 20 percent on Tuesday, buoyed by a recent drop in U.S. crude oil prices, as traders anticipate a return to the previous level of around $115 per barrel.
The price of oil dropped from $109.20 per barrel earlier this week, its lowest level since the summer of 2015, to a high of $98.10 per barrel on Monday.
The move was the highest since September, according to FactSet data.
On Monday, CME said it expects oil to trade near $115 on average during the first quarter of 2018.
The U.K. has already seen oil prices hit their highest level in nearly a decade, with the Brent crude oil futures price at $115.15 per barrel, the highest price since mid-2018.
Brent crude futures traded up more than 10 percent Tuesday.
Brent has rallied since mid September, reaching an all-time high of around the $107.40 mark.
It has since been trending lower, but not to the point where Brent prices would have to break through the $115 mark.
The rise in Brent crude has been fueled by higher U.M. crude prices, which have been driven up by the recent drop of oil prices in the United States.
The United States, which is one of the biggest producers of oil, has also been hit by the drop in crude prices.
The country is also experiencing a major energy shortage and a prolonged recession that has put pressure on the U.G. to boost production.
Brent prices fell from around $109 per barrel in mid-September to around $92 per barrel last week.
Brent is now trading near the $90 mark.
Brent futures have risen more than 11 percent this year, the biggest gains since May, according the CME.
On Tuesday, CMA futures also climbed on expectations that the U