Oil prices will rise in the long run, but in the short run there will be a pullback, Sun Life Global Investments' chief investment officer, Sadiq S. Adatia, said Monday.
Adatia said oil supply, contrarily to popular belief, has been increasing therefore putting pressure on oil prices in the short term.
"What I would say is longer term, oil prices are going to continue to rise up but I think in the shorter term we have to worry a little bit about more of a pullback given that there is still a significant amount of supply, and contrary to probably a lot of people, supply really hasn't diminished a lot," he said on CNBC's "Power Lunch."
Adatia explained that oil prices would range between $60 and $80, which is the break-even point for many oil producers.
"I don't think we're back to $100," he said. "I think we're more close to $60 or $80."
For importing countries, those prices are good news.
"I think the key here is that it's going to be good for people who are again importing oil to their economies, tougher for those who are exporting oil," said Adatia.
"Canada happens to be one of those areas. We're a big exporter of oil. This is definitely going to impact areas like Alberta, Saskatchewan and Newfoundland and Labrador where there is a lot of demand tied to high oil prices."