Oil whipsawed on supply glut

It appears oil could not defy gravity for long.

A four-day rally which pushed crude prices to their highest levels this year collapsed Wednesday, sending oil prices tumbling nearly 9 percent, as U.S. crude oil supplies rose by 6.3 million barrels.

"We even saw rises in the refined product categories like gasoline and diesel fuel which we hadn't seen in the past several weeks, they were the bright spot," said John Kilduff, founding partner of Again Capital, Wednesday on CNBC's "Street Signs."

Pump jacks and wells are seen in an oil field on the Monterey Shale formation, March 23, 2014, near McKittrick, Calif.
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Pump jacks and wells are seen in an oil field on the Monterey Shale formation, March 23, 2014, near McKittrick, Calif.

There appears to be little relief on the horizon as oil-producing countries decline to cut production, China's economy appears to be slowing and supply continues to outweigh demand.

Many experts and analysts have attempted to call a bottom on plunging oil prices, but no one knows for sure when the bleeding will stop.

Read MoreHas oil finally bottomed?

"I think we're going down to $33," Kilduff said. "Which is the price we hit around the time of the financial crisis."