The rally in oil won’t last, energy analyst Tom Kloza said Thursday.
“I suspect that this rally that we are seeing in the last couple of days is a little bit of a foolish rally,” OPIS’ head of energy analysis told CNBC’s “Squawk on the Street.” “And we’ll retest the lows late in February, March, when refineries go to maintenance, so I still think we’re going to test that December 2008 level of $32.40 to $33. I don’t suspect we will get beneath it, but you never know.”
U.S. crude was priced at about $37.99 a barrel in early afternoon trading, up 1.3 percent.
