After enjoying a big, three-day rally, oil tumbled Tuesday and several energy pros don't see things getting better anytime soon.
U.S. crude closed down 7.7 percent lower at $45.41 a barrel Tuesday, after China's official Purchasing Managers' Index (PMI) dropped to 49.7 in August from 50.0 in July. The data reinforced fears about slowing growth and global demand for petroleum.
The price plunge followed an 8.8 percent move higher Monday.
Brent was last down 9.2 percent, or $4.98, at $49.17.
Randy Ollenberger, managing director of oil and gas at BMO Capital Markets, thinks crude will find a bottom somewhere in the $30s. On the other end, he doesn't think it will go above the $50 mark anytime soon.
"We're not out of the woods yet. We've got physically way too much oil on the market, whether it's in inventories or supply currently being pumped and now the demand side of the equation looks like it is stumbling a little bit with the bad news coming out of China," he said in an interview Tuesday with CNBC's "Power Lunch."