Crude oil prices are down this week as uncertainties over China's economic growth and oversupply continue to weigh on investors. Oil is now down more than 10 percent from its October high of $50.92, and according to one expert, a "pile up" of bearish factors this week could spark the next leg lower.
"A meeting of OPEC and non-OPEC oil producing countries on Wednesday should end in disarray, leading to another round of selling," John Kilduff told CNBC's "Futures Now" on Tuesday. OPEC is hosting a special technical meeting on Wednesday, and while Kilduff expects it to be a nonevent, he does suspect it could result in "more protestation from Venezuela and countries getting hurt the worst," which will continue to put pressure on the commodity.
Furthermore, Kilduff anticipates this week's EIA inventory report to show another "substantial" number. "You're going to get a big crude inventory build in the weekly report. That's going to be a downward catalyst," said the CNBC contributor.
Nonetheless, crude oil has been on a considerable run of late. The commodity is up more than 22 percent from its Aug. 24 low. But for Kilduff, oil's recent rally to $50 a barrel was nothing but a "bull trap" on the charts.
"We're going to punch through that $44 support," said the Again Capital partner. "I think we break that [support] and definitely take a trip into the $30s."
Of course, Kilduff has been an oil bear for some time, at one point calling for it to fall as low as $25 a barrel — crude bottomed at just under $38 a barrel late August — and while he does say that call has "lower probability," it's still within realm. "It's going lower," he added.
Crude oil closed Tuesday at $45.55, less than 1 percent lower.