Between global growth concerns, a strengthening U.S. dollar and ample supplies, crude oil prices could continue to fall in the near-term, energy market observers told CNBC on Tuesday.
"This has been a complete play on supply and demand. I think that crude oil prices are ignoring all kinds of bullish geopolitical risks," Phil Streible, a senior market strategist with RJO Futures, said on "Squawk on the Street."
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The United States continues to produce record levels of crude, too, Streible noted. While the U.S. currently produces 8.9 million barrels of oil per day, production could accelerate and surpass 9 million barrels per day by year-end, he said.
In turn, Streible thinks WTI crude could fall to $75 a barrel.
"You can get what we call visits to $75 for U.S. crude. It's unlikely that we would stay that low," Richard Hastings, macro strategist at Global Hunter Securities, said on "Squawk on the Street." "In fact, I would suggest prices are probably getting closer to bottoming."
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Hastings, who tracks oil markets, thinks the U.S. dollar will soon have trouble rallying against other currencies. Once the dollar rally loses steam, it will be more difficult for crude prices to continue to fall, he said.
"It gets more difficult right now for crude oil prices to go lower and stay lower," Hastings said. "I think you'll start to see a deceleration and less disorderly move in crude oil prices right now."