Things are going to get worse for oil markets before they get better, Again Capital's John Kilfduff said Friday.
Crude prices have recouped much of their losses over the past six sessions after tumbling to about $40 a barrel from the 2016 peaks above $50 in June. The rally has been driven by speculation that OPEC members and Russia could take measures to prop up prices after a number of energy officials said they would discuss intervening in the market during a conference in Algeria next month.
Hopes for price intervention can send crude futures higher still, Kilduff said, but he warned oil prices will ultimately collapse again because top-exporter Saudi Arabia is not serious about taking action.
"We're probably going to touch 50 bucks. I think we're going to ring the bell before we can head back down," he told CNBC's "Squawk Box."
"I think we're going to go back down to at least $40 and possibly the mid $30s," he said.
Kilduff said Saudi Energy Minister Khalid al-Falih's comment last week that the kingdom will discuss coordinating action with other producers was "perfectly well-timed" to a moment when bets against rising oil prices were at record highs.