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$60 oil after OPEC meeting is not possible: BRG's Grossman

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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, reports.

"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."

The price of benchmark oil has slid 30 percent from highs in June. Brent crude traded near $80 on Monday, down from $115 at its peak. U.S. crude was above $76 compared with its high of about $107.

OPEC will have to keep a stiff upper lip at its meeting on Thursday and show it is united and that no one is panicking, Grossman said. Members such as Venezuela and Iran have called for the organization to draw down production, but it remains uncertain whether Saudi Arabia, the group's largest producer, will agree to a cut.

November 25 2014, 10:48

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