Oil is up about 10 percent since the Fed removed the word "patient" from its statement and this may be a sign of where crude is headed for the year.
David Katz, chief investment officer at Matrix Asset Advisors, tells CNBC's "Power Lunch" on Monday he expects oil prices to move surprisingly higher in the second half. The recent "oil sell-off is overdone and current sentiment is far too negative. We are buyers of high quality oil stocks here, " Katz said.
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He says there have been five declines in oil prices of 50 percent or more (this is the 6th) since 1993 and oil prices increased 70.4 percent six months after the bottom and 89.6 percent one year later.
Conoco and Devon are lower during trading, while Occidental and Schlumberger are higher.