China's economic slowdown is, and will continue to be, the oil market's biggest problem moving forward, John Kilduff, founder of Again Capital, said Friday.
"It's the very key demand center for oil and we're not going to have the kind of growth that we've experienced over the years. The whole commodity infrastructure got built out in the last several years to satisfy what was seen as insatiable Chinese demand for everything," Kilduff added.
U.S. crude futures have taken a tumble since late June, falling from about $60 a barrel to around 6 ½-year lows.
Kilduff also said he would not be surprised if oil prices fall into the mid-$20 range.