Oil and Gas

John Kilduff: Oil could hit $18 in 2016

John Kilduff, founding partner, Again Capital.
Adam Jeffery | CNBC

Again Capital founding partner John Kilduff said U.S. crude oil could fall as low as $18 per barrel in 2016.

"I think it's going to have to get that painful for the global industry to finally respond and that includes Saudi Arabia, OPEC and Russia," he told CNBC's "Closing Bell" on Thursday. "The market is going to have to bring them to their knees because they're not going down on their knees willingly or voluntarily."

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The energy sector has fallen more than 20 percent over the course of 2015 but Kilduff said oil could potentially hit a high of $48 in the new year.

U.S. West Texas Intermediate (WTI) crude futures settled up 1.2 percent at $37.04 a barrel on Thursday.