It’s not possible for oil to fall to $60 a barrel after OPEC meets this week to discuss output policy, Jeff Grossman, president of BRG Brokerage, told CNBC on Monday.
While the chance of a big price cut is small, he said, the cartel will likely announce that it has discussed reducing production in order to stem the tide of lower prices and put a bottom on the market.
“Even with some serious tempering of weather, the market could possibly go to maybe $72 in the next four to six weeks,” Grossman told “Power Lunch.” “The most optimistic bear would have to be in agreement with that.”
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