NEW YORK (TheStreet) -- Oil prices caught a boost on Tuesday, as the Commerce Department issued its final revision for third quarter U.S. GDP. The result came in at 5%, up from the previous reading of 3.9%.
As a result of the stronger-than-expected economic growth, West Texas Intermediate climbed 3.5% to $57.25 per barrel, while Brent crude oil climbed back above $60 per barrel.
While many investors have likely become accustomed to these types of rallies fizzling out, Jeff Grossman, president at BRG Brokerage, says he expects more gains to come.
"They've beaten this market down unmercifully over the past two months or so," he said, adding that the oil market is now due for a rally. In fact, Grossman believes that WTI crude could bounce $5 to $10 per barrel, into the range of $62 to $64.
If demand slows and oversupply continues to weigh on the market, then prices could head lower. But in the short-term, there appears to be a bottom in place, he said.
He acknowledged that an oil rally may be the "contrarian" view right now, but investors and the market need time to digest the large selloff. After oil prices plunged nearly 50% since July, it only makes sense that there will be some sort of rebound to the upside.