Despite a rally Wednesday, crude oil prices could restart their downward spiral if supplies in storage continue to grow, one market watcher contended.
U.S. crude futures settled nearly 4 percent higher Wednesday at $37.50 a barrel as inventories fell by a more than expected 5.9 million barrels. But stocks at the Cushing, Oklahoma, delivery hub rose by 2 million barrels.
If inventories continue to accumulate at the Cushing facility, prices could slip through the low-30s, said Joe Cusick, vice president of wealth and asset management at MoneyBlock.
"We could even get into the mid-20s and it could happen pretty quickly," he said on CNBC's "Power Lunch."
Edward Jones analyst Brian Youngberg hesitated to give a specific price prediction, but he contended that crude prices would rise into next year due to "continued reductions in supply."
"We think we'll see demand begin to pick up a bit as the global economy hopefully improves here," he said on CNBC's "Closing Bell."