Oil hit fresh lows and noted investor Dennis Gartman thinks the rout isn't done yet. In fact, he thinks it has a lot further to fall, he told CNBC on Friday.
"Crude oil has this terrible, hysterical tendency of falling 75, 80 and 90 percent in value. Can it go down farther from here? Absolutely," Gartman, editor and publisher of The Gartman Letter, said in an interview with "Closing Bell."
He pointed to action in the futures market as a telling sign, specifically the term structures for crude futures.
"Until the front months stop leading the way down, crude still wants to go lower," he explained.
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