Depressed oil prices are likely to rally in the second half of the year —perhaps as high as $85 per barrel, energy analyst Michael Rothman said Monday. That said, he added any move higher won't be a result of coordinated production cuts.

West Texas Intermediate crude tumbled around 5 percent in late morning trade to under $32 per barrel, as hopes for a deal among OPEC countries and Russia to reduce output dwindled.

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An output cut "was never going to happen, the notion that [OPEC and Russia] would agree to reduce their output and help support prices was a nonstarter," said Rothman, founder and president of the Cornerstone Analytics research firm.