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Power Lunch

Power Play: Years of oil volatility

Oil workers make a pipe connection on a drilling rig near Encinal, Texas.
Eddie Seal | Bloomberg | Getty Images

Oil has rebounded from the lows of February 11, with West Texas Intermediate Crude up nearly 15 percent year-to-date.

Despite this surge, Albert Brenner, head of asset allocations at People's United Bank, tells CNBC's "Power Lunch" on Wednesday this does not mean oil prices have stabilized.

"No equilibrium market price for crude oil at present, not likely going to be one for a long time - as a consequence, oil prices will be volatile and subject to large swings for the foreseeable future - several years," Brenner said.

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He sees the imbalance between supply and demand as the major reason for the volatility.

"Although supply/demand conditions might come into balance later this year or early next year, they are almost certainly not going to stay near a balanced condition for very long," Brenner said.

WTI and Brent Crude are up 3 percent during trading.