Sequestration, production concerns in China and the political mess in Italy have combined to keep oil prices down, says Money Morning Global Energy Strategist Dr. Kent Moors.
Speaking on CNBC, Moors said the oil market is now "slightly oversold."
Moors said increased demand and less refinery capacity being used could increase the oil crack spread in the United States, leading to higher energy prices even if oil prices fall.
Asked why energy prices are so high, Moors said there are six or seven major factors.
"The bottom line," he said, "is we have to stop looking at Western Europe and North America when we talk about oil demand because oil demand is being driven essentially worldwide by completely different regions."
Among them, Moors said, is West Africa, where oil demand is spiking.
Watch the accompanying video to hear Moors talk more about global oil prices and how they will affect you.