Why Oil Prices Are Moving Higher, Even with a Surplus

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Oil prices are up for a second day after a three-day slide. And the Energy Information Administration (EIA) just boosted its 2013 U.S. oil price forecast.

But with high oil supply, does this mean a price decline is on the way?

Money Morning Global Energy Strategist Dr. Kent Moors explained to FOX News today the factors driving higher oil prices right now, and for the rest of the year. He said there are a couple dynamics you have to take into account when betting on the direction of oil prices.

Check out his latest update on oil prices in 2013 in the following interview.