Gartman's We Won't See $44 Oil 'In My Lifetime' Call Hangs In Balance

Prices for May WTI contracts surpassed $42 and are fast approaching the $44 level. One pundit said the commodity wouldn't hit any time soon earlier this year.

On CNBC's Fast Money in January, Dennis Gartman said crude oil prices won't go past $44 again "in his lifetime" and would stabilize at around $37.

But, crude oil rose more than 50 percent over the past 24 trading days and prices of crude oil for May delivery were up 1.75 percent to $42.39 on Friday.

Commenting on up to what level will the oil price fall when it enters the negative territory, Gartman had said "doubt it will fall below $22/barrel." The price bottomed near the $28 level.