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The oil rally won't last, and we could see panic selling to $32/barrel: Strategist

Crude (CLK16.NYM) prices are back above $40 per barrel to their highest level this year. But one strategist warns that oil is topping out.

The falling U.S. dollar has given a boost to crude, as have hopes that major producers will be able to come to a production agreement when they meet next month.

However, Bill Baruch, chief market strategist at iiTrader, is skeptical that the rally will persist. He expects U.S. shale oil producers to continue output even though $40 per barrel crude was thought to still be unprofitable for them.

“Forty dollars is the new $60,” said Baruch. “You're going to see more supply, and the glut will get...


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