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Oil was pummeled again Monday, hitting near six-year lows after Goldman Sachs cut its short-term price forecasts, but one strategist told CNBC he believes crude prices are at or near the bottom.
"The selling right now is really financial selling and I think the price is below the level the fundamentals would put it in the absence of hedge fund and other financial sellers," John Rutledge, chief investment strategist at Safanad and a CNBC contributor, said in an interview with "Street Signs. "
In fact, he is predicting oil will end the year at $60-$70 a barrel.
Analysts at Goldman Sachs slashed their three-month forecasts for U.S. crude to $41 from $70 a barrel and for Brent to $42 a barrel from $80. The firm also cut its 2015 U.S. crude forecast to $47.15 a barrel from $73.75 and its Brent forecast to $50.40 a barrel from $83.75.
Worries about plummeting oil prices sent stocks lower Monday, but Rutledge said people are oversimplifying its impact.
"What people are missing is the way to analyze this is a lot like the 1980s drop of inflation. It was clear then that the inflation drop was good long term but short term it made everyone restructure," he explained.
Companies have built $100 oil into their balance sheets, contracts and plans, Rutledge said. "With prices down, they're going to have revalue assets, restructure assets. So there's a short-term hit from that."
—Reuters contributed to this report.