Crude oil fell another 1.5 percent on Thursday, settling at $48.48, the lowest level since March 31. And some traders say even lower prices are ahead.
"This market is headed to $40 before we go to $60 again," said Bill Baruch, chief market strategist at Chicago-based iiTrader, citing reasons on both the supply and demand side of the equation.
In terms of demand, Baruch says the long-term picture looks bearish, with the International Energy Agency saying in a July report that global oil demand is set to slow in 2016.
"We have passed peak demand," he said.
And when it comes to supply, Iran could start exporting oil after a deal with the U.S., and Saudi Arabia "has shown a strong commitment to a production war," he wrote in an email to CNBC. "The second battle has essentially just begun."