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"It's more or less nobody wants to be short in this market," Mezger said.

Tiberius has a neutral stance on oil at the moment.

"We don't find that prices are supported fundamentally above $80," Mezger said.

Oil's latest ascent to fresh peaks followed publication on Wednesday of U.S. inventory data which revealed a surprise 5.3 million barrel fall in crude oil stocks last week.

Mezger said there was too much emphasis on U.S. stock data especially in Cushing, Oklahoma, the delivery point for U.S. crude futures traded on the New York Mercantile Exchange.

"We find that these stock levels are not representing the global oil market."

On the demand side, the world economy might not be in such good shape as implied in the prices, Mezger said.

"Supply is increasing from OPEC from November," he said. "And we think there might be a second decision to increase output again and then the balance of the global oil market might be in a small surplus for the fourth quarter."