Russia-Saudi oil cooperation is 'hogwash': Kilduff

Oil prices rise but a lot can go wrong: Pro

Oil markets rallied this week on a string of bullish headlines and forecasts, but at least one geopolitical catalyst for higher crude prices is sure to fade, Again Capital founding partner John Kilduff said Wednesday.

Kilduff said he doesn't buy the notion that Russia and Saudi Arabia, which are at "loggerheads" over Syria, will cooperate to cut back production to prop up commodity prices.

"That, to me, is hogwash, and I do think that will come out of this price to a degree rather quickly," he told CNBC's "Squawk Box."

Russia, one of the world's top three oil producers, said this past weekend it was prepared to meet OPEC and non-OPEC oil producers to discuss the market if such a gathering is called. A separate meeting between Russian and Saudi officials was being planned for the end of October, Russian Energy Minister Alexander Novak has said.

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Kilduff noted the Saudis are "incredibly unhappy" with Russia. He said he believed the kingdom could express its displeasure by keeping pressure on oil prices, which would hurt Russia's critical commodity sector.

"I don't think Saudi Arabia and Russia right now could agree on whether or not it's sunny outside," he said.

Russia is ready to talk oil prices

Last week, Russia launched its first airstrikes in Syria since the country's civil war began in 2011.

In remarks at the United Nations in New York last week, Saudi Arabia, a leading foe of President Bashar Assad, , saying the strikes had caused civilian casualties while failing to target extremist Islamic State militants that Moscow says it opposes.

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Kilduff said the Syrian situation is keeping him up at night because of the prospect of inadvertent contact between Russia and U.S.-backed rebels, bombings of oil infrastructure in neighboring Turkey and damage to key pipelines.

—Reuters contributed to this story.