Analyst Expecting 'Significant Correction' in Brent Crude This Year; Sees 2H Price Averaging $85/Barrel

An analyst at Credit Agricole said Monday Brent crude oil will see a "very significant correction" during the second half of this year as a recent jump in prices will create demand destruction moving forward.

The analyst sees Brent crude oil averaging $85 per barrel over the last six months of 2011, what would be a 25 percent decline from where a barrel is currently trading. Brent crude oil surged to as high as $127.02 per barrel last month.

The Credit Agricole analyst called oil prices over $100 per barrel "unsustainable."

Crude oil in New York closed Monday's floor trading session down about 2.3 percent to $97.39 per barrel. The US Oil Fund ETF (NYSE: USO) is down more than 2 percent this afternoon.

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