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Futures & Commodities

Expert: Two signs that oil prices may have bottomed

Oil rise lifts all commodities

Oil prices may have finally hit a bottom, Jodie Gunzberg, global head of commodities and real assets at S&P Dow Jones Indices, said Tuesday.

"There's two things … that show us that it could have bottomed," Gunzberg told CNBC's "Squawk on the Street. " "The energy stocks are outperforming the energy bonds by the most since October, and that shows a lot of optimism in the market. The other one is we saw a historically big runup in oil of 15 percent in three days last month. That has an additional 20 percent return."

Crude prices have been under pressure all year amid an oversupplied oil market and global growth concerns.

However, U.S. crude, also known as West Texas Intermediate, has gained more than 6 percent in the last week, with advances spilling over into other commodities as well.

On Monday, iron ore prices rose about 20 percent, marking its biggest one-day gain ever. Last week, copper prices hit a four-month high.

"When oil rises, all other commodities rise as well," Gunzberg said.

Nonetheless, Goldman Sachs warned investors against buying into this rally in commodities as current market views on "reflation, realignment and re-levering have driven a premature surge in commodity prices that we believe is not sustainable. "