“I am one of these people that says it is hugely overpriced. If you are at $77 or $83 dollars (per barrel) it should be at $52. That’s where it needs to be,” Clark said in an interview with CNBC.

“Those people, those countries, those entities that say they can’t make money on $52, they need to be doing something else,” Clark added.

Oil prices have seen a remarkable run up since January 2016 when crude prices went as low as $30.29.

For more trend affecting oil ETFs, click here.

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