Barclays Capital, a division of Barclays Bank PLC located in the U.K., has upped its projected oil cost for the year 2015 from $93 a barrel to $137 a barrel after record high prices in oil futures this week.

In 2006 after oil reached a "record-high" $75 a barrel, Barclays had made the 2015 projection of $93 a barrel.

In a Barclays research note forecasting the spike in price, analysts noted that "the remorseless move up in long-run prices has not yet fully played out."

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