Crude oil just can't catch a break.
After rising more than 6 percent on the day, the battered commodity promptly sold off, falling 9 percent in five hours. And IHS Vice Chairman Daniel Yergin says it could get even worse for crude.
"There's still this downward pressure that's there. And the kind of thing that's hovering over it, and it affected things today, is the continuing concerns about economic prospects," Yergin said Thursday on CNBC's "Futures Now."
He says that OPEC's decision not to reduce output targets was partially aimed at stimulating demand, but the global economy hasn't quite cooperated.
India, Indonesia and Mexico are all looking to reduce oil subsidies, which would raise prices there, Yergin pointed out. Meanwhile, Europe's economy is in dire shape. And "Chinese oil demand is so [strongly] linked to construction and infrastructure, and that's weakening."