Oil Bears Up Against 'Very Stacked' Deck: Analyst

Oil prices surged in 2010, up about 15 percent for the year, but Peter Beutel, president of Cameron Hanover, told CNBC Monday that the hot commodity's run is not over yet.

Decks Stacked Against Bears?
Decks Stacked Against Bears?   

"Everything that comes out seems to be interpreted bullishly,” said Beutel.

“If it isn’t a weak dollar, it’s a strong stock market. If we don’t get either of those, we tend to get some bullish fundamental news on oil or its economic strength from the data. Any of those factors is capable of pushing this market higher.”

For insight on where oil prices are headed, Beutel recommends watching the technicals. And while he thinks predictions of $125 or $147 oil are “certainly too high,” he said that does not mean oil can’t reach those levels.

“We’re in this situation here where every bit of good news for the economy gives us higher oil prices, so it’s almost as if we’re stepping on the accelerator and stepping on the brake at the same time,” he added.