He also disagreed with President Barack Obama's assessment of the Keystone XL Pipeline. During his press conference Friday, the president said the pipeline, which would transport crude from Canada to the U.S. Gulf Coast, would only nominally benefit Americans.
An approval of the pipeline would have an "amazing response," Gartman said. "It's exactly what needs to be done. … It can only be beneficial to us and to our Canadian friends in the north.
Republican leader Mitch McConnell has said his party's first act in the new Republican-controlled Senate would be to pass a bill fast-tracking approval of the $8 billion project.
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Shark Tank investor Kevin O'Leary agrees the pipeline ultimately "makes a lot of sense," but thinks it will not get approved during Obama's remaining time in office.
"There's no upside of him driving this thing through," he said. "I'm going to assume its dead meat for the next two years."
As for oil prices, he sees them lower in the New Year.
"I thank January will see a new $55 handle on oil. I'm sorry, that's where it's going."
—Reuters contributed to this story.