Snowstorm can't save oil from falling to $20s: Analyst

CNBC reports:

Despite some near-term bullish signals, oil markets remain fundamentally oversupplied and may not be able to hold above $30 per barrel, ClearView Energy Partners analyst Kevin Book said Monday.

Crude oil futures rocketed 10 percent higher on Friday as traders covered bets that oil would fall farther and as heating oil prices rose ahead of a massive snowstorm on the U.S. East Coast.

That plucked oil prices out of the $20-to-$30-per-barrel range, where they had fallen one week earlier. But on Monday, crude oil prices were down about 3 percent as Iraq announced record high oil production.

"The fundamentals haven't changed because of a snowstorm," Book told CNBC's "Squawk Box."

"It's unclear where the right number is, but if 20s is where it should have been or where it was converging, 20s is probably back where it's going."

Don't be shocked if you see $9 crude oil.