After oil touched $50 per barrel for the first time since November, investors remain focused on the potential outcome of this week's OPEC meeting in Vienna. However, one of Wall Street's most closely followed analysts has a clear message: The event is meaningless.
"I see nothing of consequence that will be discussed at this meeting," Tom Kloza said Tuesday on CNBC's "Futures Now."
The global head of energy analysis at the Oil Price Information Service is adamant that no progress was made between Saudi Arabia and Iran during OPEC's last gathering in Doha, Qatar. Therefore, he believes that the table is not set for any sort of announcement regarding a freeze or cut in June.
"One can argue that OPEC is no longer a cartel, at least in the classic sense of a cartel having influence over supply and prices," noted Kloza in a note. So, with OPEC irrelevant in Kloza's eyes, he has turned his attention to the Federal Reserve as a key factor regarding the price of oil.
"There's no question that higher interest rates and less easy money are going to complicate the oil business," he said on "Futures Now."