Oil to hit $70 this quarter: Analyst

U.S. crude dipped below $50 a barrel Monday but one analyst believes it will hit $70 this quarter and will average $75 for the year.

"We may be a little early; we may be a little aggressive," John White, an analyst at Roth Capital Partners, said in an interview with CNBC's "Street Signs."

"Our view is oversupply is the main driver. We don't see a big problem with demand."

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His forecast is in context with 1.5 percent to 2 percent global gross domestic product growth. That should increase demand by 700,000 barrels a day.

"We're oversupplied 1 to 1.2 million barrels a day," he said.

On Monday, U.S. crude futures went as low as $49.95 before ending at $50.04 a barrel, down $2.65. That's the lowest settlement since April 2009.

Front-month Brent crude hovered around $53 a barrel, down about $3, after dropping to $52.66, its lowest since May 2009.

Read MoreOil will hit bottom soon: Analyst

—Reuters contributed to this report.