The past couple of weeks we have seen several factors affecting oil prices. The falling dollar continues to play a role. Goldman Sachs recently predicted that we will be seeing oil priced between $150 and $200, giving credence to the climb in oil prices. Geopolitical problems caused concerns of supply disruptions: The growing tension in Iraq and threats of possible attacks by Kurdish rebels against U.S. positions there; Iran continuing to flex its muscles against any threats from the United Nations over sanctions due to its nuclear energy program; A bombed oil plant in Nigeria; and now we see increased violence breaking out in Lebanon. Sadly, I could keep adding to the list, but I think you get the point.

While most of us are under the impression that what we need is more oil pumped into the market in order to ease prices, the group that could make that a reality is standing firm on its position that supplies are more than adequate at this time. Of course, I am talking about OPEC. Yesterday, OPEC's secretary general Abdalla Salem El-Badri stated that several OPEC nations have new projects coming online, but are having a hard time finding buyers for the new supplies, indicating that there is not a supply shortage.

Just how high we will see oil prices head before the end of the summer is anyone's guess at this point. I doubt we will be sitting here in a few months talking about $200 oil, but I would definitely not count out $150 oil. This market seems to have a will of its own, and for right now, it is showing no signs of slowing down.

What are your predictions? Will we see $150 oil? $200 Oil? Where do you see oil prices heading? Let us know.

Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.