The price of oil is crucial for a stable economic recovery, Bob Doll, chief investment officer for equities at BlackRock told CNBC Monday. He reiterated his opinion that stock markets are likely to end the year higher but they will encounter some hurdles.
"We've been using a broad range of $60 to $80 (for the price of oil), we're kind of stuck in the middle of that. If the emerging markets were getting back on their feet as it looks like they are, they'll be using more oil," Doll told "Squawk Box."
"Given the current state of the world economy, getting above $80 would be a bit of a problem," he added.
But the energy sector is becoming very attractive, as "stocks have moved up some, but have lagged the price of oil," Doll said, adding that he likes National Oil Welland Marathon.
Stock markets are likely to correct at some point between now and the end of the year but will still end the year higher, according to Doll.
"Short covering is still taking place. I think we will get some bump between here and the end of the year, then maybe we will come back," he said.
People "like to worry" about the autumn months, as most stock market crashes happened in October, when investors come back from holiday and look to the year ahead, he said.
A good indicator of how the stock market is likely to fare is the number of transactions by insiders, according to Doll, who added: "I wish there were some more insider buyer."
"We're beginning to get some good news on top of the bad news so the market is climbing a wall of worry," he said. "My guess is, it's going to get bumpy and volatile in both directions before long."