"So, if you take a very optimistic view of the world, namely a global economic recovery, demand in the Western World will pick up and demand in the Emerging World will continue to rise strongly, so from a very optimistic point of view you should be long oil," he recommended.
On the flip side, "in a very pessimistic scenario you have to assume that unrest will shift to Saudi Arabia and other countries in the gulf and at that stage the production is curtailed and in that case obviously oil will go up ballistically."
Brent crude futures could hit US$200 a barrel if political unrest spreads into Saudi Arabia, Societe Generale said on Monday.
Under what the bank called Geopolitical Scenario 3, "unrest spreads to Saudi Arabia and threatens Saudi crude exports and any remaining spare capacity. Brent price range of US$150-US$200 a barrel," it said in a research note.
"In this most extreme, worst-case scenario for the oil markets, serious unrest spreads to Saudi Arabia. In this case, it does not really matter if Libya or any other producers are shut down or not. Saudi Arabia is OPEC's biggest producer and the world's biggest current holder of spare capacity," the bank added.
Saudi Arabia is the world's top exporter of crude oil, meeting about 10% of the global oil demand.