This year's rocky ride in crude prices has hinged on fears regarding the global supply glut, China's economic slowdown and the impact on energy demand and hints as to future trends in production.
OPEC members will hold an informal meeting in September, amid speculation that the Saudi Arabia-led group of major oil-producing countries will finally agree to limit production in order to boost global oil prices. This will come after recent discussions between Russia and Saudi Arabia in Vienna.
"As far as the Saudi-Russian OPEC meeting, we think it is just headlines. Both the Saudis and the Russians are pumping pretty much as much as they can. So freezing output is fairly meaningless," Worah told CNBC.
"But as we start getting above 50, then you start getting incremental supply in the United States. We think somewhere in the fifties is the right price for the next six to 12 months."
Malcolm Graham-Wood, the founder of HydroCarbon Capital and a well-known oil analyst, described $50 as the "magic" number for crude prices in his daily blog on Wednesday.
Emerging market-focused bank, Renaissance Capital, has said $50 crude is the ideal price for Russian energy companies and Egyptian Minister of Trade and Industry Tarek Kabil told CNBC in June that $50-$55 per barrel was the "sweet spot" for Egypt.