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Falling oil prices are like a baseball game: Expert

What do crude oil and a baseball game have in common? OPIS founder Tom Kloza said it's the need for a closer to come in and save the day.

"I'm not sure we have Mariano Rivera out there with everything that's happening in China with some of the collateral damage from watching financial markets drop 4, 5, 6 percents each day," he told CNBC's "Fast Money: Halftime Report" on Thursday.

Oil hit new 12-year lows on Thursday but Kloza said it could soon drop even more.

"I personally think if we close substantially below, or convincingly below $32, then we're going to test at the $25 or $26 number."

Kloza said this could result in more cuts in production and canceled projects later in the year.

"It's a scary market, there's no question about this," Kloza said. "The fundamentals get really poor from day 80 to day 110 across the country … so I think the market is anticipating what's going to happen 80 or 90 days from now. If it's not, we're going substantially lower.

Oil was priced at 33.61 per barrel in afternoon trading.