STORY: After rallying more than 10% in the previous three weeks on concerns about tight supply, Brent crude and U.S. West Texas Intermediate crude were set to ease about 1% this week.
But Fitzpatrick says prices will stay elevated for a while.
He says output cuts by OPEC+ are only a small part of the problem.
"We're also not seeing the gains on the supply side in terms of the the shale markets in the U.S. - not quite as exciting as we hoped they would be," said Fitzpatrick.
"It wouldn't surprise me if we even saw $100 [a barrel] oil here in the next several months," he added.