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Ed Morse: Don’t expect $100 oil anytime soon

It will take a lot for oil prices to trade in the $100-per-barrel neighborhood in the near future, Ed Morse, head of global commodity research at Citigroup, said Monday.

"We'd have to see a reversal in trends in global GDP growth and, more importantly, in global petroleum demand growth," Morse said in a CNBC "Squawk on the Street" interview.

"We've seen the relationship between GDP growth and oil product demand widening considerably. For every 1 percent increase in global GDP, there's less of a percent increase in oil demand. That will weigh heavily on the markets," Morse added.

Crude prices have nearly halved since last year, with West Texas Intermediate oil trading at about $46 a barrel on Monday, while Brent crude traded at about $48.

WTI in last 12 months


Morse added there are two key factors keeping oil prices down.

"There is so much more oil that can be produced at lower prices, and the world has a big abundance of these new, unconventional oils, particularly shale oil," he said. "[Also], "OPEC countries have a need to produce more and they'll be producing more."