Oil prices plunged nearly 8 percent Monday thanks to developments in Greece, China's stock market woes and the potential for more supply from Iran, but the worst may be over, according to an industry expert.
"The decline that we experienced today is all out of measure to what it is that the market is actually telling us," Kent Moors, executive chair of Money Map Global Energy Symposium, said Monday. "I think that this is more in terms of a psychological collapse, more than anything else."
In an interview with CNBC's "Closing Bell," Moors forecast oil prices to hit between $75 and $85 a barrel by the end of the year. "Demand, when all is said and done, for this year will come in higher than at any point OPEC or IEA has ever calculated," Moors said.
He cautioned, however, that it will take some time for crude prices to recover from what he called a "triple whammy," referring to Greece's debt referendum, Beijing's intervention in its stock markets and oversupply fears related to Iran.