As oil continues to sit near multiyear lows, widely followed investor Dennis Gartman says this is just the beginning of a long-term sideways trade in the commodity.
"In the end the question will be, will crude be able to go below $35 per barrel? I think not. I think at this point crude oil would like to go sideways and I think the economy will do better if crude oil gets very quiet," the editor and publisher of The Gartman Letter told the "Fast Money" traders Monday. "Consistency of price is probably the best thing that we could have happen to the economy."
The long-term oil bear explained that while crude has fallen 35 percent in the last six months, he believes the time for being short oil is behind him.
"I think crude could be $3 on either side of $37 for a long period of time going forward — and that will be beneficial to stocks over the long run," Gartman said.