Oil prices, at 2013 lows, could continue to feel pressure, if the global economy turns out to be weaker than expected and production continues to grow in places like the U.S., Brazil and Iraq, according to James Burkhard, vice president and head of oil market research at IHS.
"We're going from three million barrels to four million barrels of spare OPEC productive capacity this year," he said, shortly after participating in a panel discussion at the annual IHS CERAWeek conference in Houston.
(Read More: Oil Supplies Are Key Topic at Annual CERA Week)
"As that hangs over the market, you might see prices weaken," he said.
Oil slumped Monday for a fifth session on concerns of slowing growth in China and a view that supplies are ample. Brent finished at $110.09 a barrel and West Texas Intermediate was at $90.12, after falling below $90 for the first time since December and about $8 lower in just a month.
Oil prices could be lower, but "right now it's offset by the anxiety of the stability of the Middle East," Burkhard said.