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Oil Outlook for the Second Half

Stocks kicked off the second half of 2009 with a rally. What about oil? Nymex energy trader Ray Carbone offered his second-half outlook to CNBC.

"I think we're balancing in all three markets that really move crude: the equities market, the dollar market and the crude market [itself]."

Citing "sideways movement" in the first two categories, he notes that "we've been chopping around between 67 to 73 [dollars per barrel] and $1.37 to $1.43 dollar-euro."

"I think we're going to see volatility, I could see the pullback going to the $60 level, maybe a little lower."

Carbone said he's going to take a close look at the Goldman Sachs forecast and "see if the fund flows just come in and overwhelm the fundamentals, which have not been in control."

According to Deutsche Bank, some $8 billion in commodity ETFs and ETNs have been coming in.

Watch the full interview, above. Sharon Epperson reports.

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Disclosure information was not available for Carbone.