Wouldn't be surprised by $33 oil: Pro

U.S. crude will likely hit $45 and may even test the 2009 low of $33, one pro told CNBC Monday.

Earlier in the day, oil dipped below $50 before settling at $50.04 per barrel, the lowest since April 2009.

"I think we will test lower unless we get a sign of stimulus to global economic growth or some kind of an interruption in some of the supply overhanging the market, Tom Petrie, chairman of Petrie Partners, said in an interview with "Closing Bell."

OPEC's abandoning of its swing producer role, along with current shale production levels in the United States and new deep-water oil production in the Gulf of Mexico, all add up to a continued unsettled oil market, he said.

A worker at the Nahr Bin Umar field, Iraq.
Essam Al-Sudani | Reuters
A worker at the Nahr Bin Umar field, Iraq.

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While hitting $33 isn't a certainty, Petrie said it wouldn't surprise him if it did.

One lesson learned from the 2008-09 lows is that the lower you go, the more you set up a correction, he noted.

"We didn't spend much time in the $30s when it went down that time," Petrie said.

"I do worry this time that we'll spend more time in these lower prices, somewhere below $50, because we've got a lot of additional production that is still going to come on in the U.S., even with this lower price environment, where the investments were made last year and the ability to hook up the wells is just occurring now."

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He anticipates that the market will be dealing with these headwinds for the next several quarters.

—CNBC's Linda Sittenfeld contributed to this report.

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