Just as crude prices surged ahead of OPEC's April meeting in Doha, Qatar, and its informal Algerian summit last month before fizzling out, the current runup is premature and won't end well, said Bob McNally, founder and president of energy consulting firm The Rapidan Group.
"OPEC has been extraordinarily successful at manipulating sentiment, not supply. Despite having increased production by … almost 900,000 barrels a day since they started talking about a freeze in February, they have been very successful in getting the market to believe they're going to act," the former White House aide told CNBC's "Power Lunch" on Tuesday.
U.S. crude had its best close since October 2015 and Brent struck a one-year high on Monday after Russian President Vladimir Putin said his country was ready coordinate output limits with OPEC. Crude prices gave back some of those gains on Tuesday amid a flurry of comments from oil ministers at an energy conference in Istanbul.