Oil prices have rebounded recently, but analyst Michael Cohen doesn't think the rally will last. He's predicting prices will likely head back down.
"The market has been very focused on the rig count," the head of energy research commodities for Barclays said in an interview with "Squawk on the Street."
"What we saw in the last couple weeks is rig count falling pretty precipitously by about 80 or 90 rigs per week, but we think there are more important things to be focused on and that rig count doesn't tell the whole story."
He expects to see some weakness going into the shoulder season for demand. In addition, there is an excess supply of about a million barrels of oil a day, he said.
"We have to incentivize further storage through the course of this first half of the year. In order to do that, we expect that the front-month contracts are likely to weaken."