With OPEC signaling over the weekend that it would not change course and cut production, expect oil prices to fall even lower, trader Jeff Kilburg said Monday.
Traders are "looking for more of a bearish short-term output," the founder of KKM Financial said in an interview with "Closing Bell."
On Sunday, Saudi Arabia's oil minister said it will not take sole responsibility for propping up the oil price and will keep production unchanged.
Kilburg said the kingdom is actually producing more oil, noting the oil minister said it is pumping about 350,000 more barrels of crude a day.
"That's why short term, the price of crude … is going lower," he said.
Oil prices have seesawed in recent days, weighed down by oversupply concerns but boosted by the weakening of the dollar ahead of the expected end of years of zero-interest rate policy in the United States later this year.
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On Monday, U.S. WTI crude closed up 88 cents, at $47.45 a barrel. reversed earlier losses, rising 60 cents to $55.90 a barrel.
Oil prices have dropped about 60 percent since June.
What concerns analyst Mary Ann Bartels is that from a technical standpoint, there is no bottom in oil.
"We have slowed down in global growth. So you have a double negative whammy. You have excess supply. At the same time your demand factor is going down," the CIO of portfolio strategies for Merrill Lynch Wealth Management told "Closing Bell."
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However, while Bartels believes energy stocks will underperform over the next six to 12 months, she said there is value in certain companies for those who are patient.
"Because there is a lack of income, particularly in fixed income, if you are willing to go into the energy market and be patient, you can be paid to wait," she said. Just don't expect the stocks to beat the market for the next several months.
—Reuters contributed to this report.