Doomsayers' forecast predicted oil prices sagging amid no deal in Doha, but the market has traded firmly, even as oil producers threaten to continue pumping crude into the glut.
Oil's current supply and demand balance is the market's catalyst, according to Barclays' head of energy commodities research. At the same time, while non-OPEC oil producers (especially in the U.S.) have begun to adjust to an oversupplied market, oil demand continues to give energy watchers mixed signals.
"We've seen production coming off 50,000; 100,000 barrels a day — every single month," Michael Cohen said in an interview with"Closing Bell." "We've seen really strong consumer-led demand for airlines and also for gasoline," he said on Tuesday.
Still, "industrial demand is coming off pretty steeply because of this reduction in drilling activity, reduction in rail activity," he added.