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Momentum could push oil toward $90 a barrel in the short-term, but an increase in supply from Nigeria and Iraq will place downward pressure on the commodity come spring 2010, said Michael Lynch, president of Strategic Energy & Economic Research.
"You've just got a lot of oil coming online around the world, and it doesn't look like demand is going to strengthen fast enough to take care of it," Lynch said.
What's more, the natural cap that the struggling economy has placed on oil, the possibility of companies liquidating their inventories, and the probability that the dollar will bottom out will likely push prices down at the end of the year, he said.
"At some point I think people start to take profits and pile back" into the dollar, Lynch said.
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Disclosures:
Disclosure information was not available for Lynch or his company.
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