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.