The comeback staged by oil prices signals the market has found a temporary bottom, but could trade below $30 a barrel by February, analyst John Kilduff said Tuesday.
"That whoosh we got yesterday really had the look of some capitulation," the founding partner of Again Capital told CNBC's "Squawk Box."
U.S. crude prices on Monday hit lows not seen since the financial crisis, falling as much as 4 percent before settling nearly 2 percent higher at $36.31 a barrel. In early trading Tuesday, the U.S. benchmark West Texas Intermediate rose to $36.48.
Still, Kilduff said oil could trade in the $20s by February due to oil refinery maintenance.
"The next refinery maintenance season — when they retool for the gasoline season, just like we went through for the winter slate season — causes a backup in the crude oil system and you see some substantial builds in oil inventories," he said. "I think we won't be able to challenge these lows that we just saw until then."