Oil won't revisit lows yet: John Kilduff

Investors within the oil and energy space will be glad to know crude prices will stay off their lows for the time being, Again Capital founding partner John Kilduff said Tuesday.

"I still think we have a chance of making a run at $40 in the very short term," he told CNBC's "Squawk Box." "I don't think we're going to go back to the lows quite yet."

U.S. crude futures were up about 1 percent Tuesday morning, a day after dropping more than 3 percent.

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However, Kilduff also said it's only a matter of time before crude goes lower once more.

"I think it's going to get very ugly, though, late first quarter [to] early second quarter, when the refineries go into their periodic maintenance and we're going to see backups in the system of crude oil, gasoline," he said.

Earlier this month, WTI hit an intraday low of $33.98 and a settlement low of $34.73.