"There's no question that oil is still stuck in this long-term bear market," John LaForge, head of real asset strategy at Wells Fargo Investment Institute, told CNBC's "Power Lunch." He explained that commodities "tend to run these long price cycles" and that these "bear super cycles for commodities last on average 20 years."
LaForge said that 2016 is just year five of this potentially 20-year bear market.
"What you get at this point in the cycle is a lot of sideways price action, where oil is trying to find what's the right level. That level is probably $30 to $60 and surprisingly, you might be looking at $30 to $60 for the next decade and it's going to keep bouncing back and forth," LaForge said Friday.
The pressures of a low commodity price environment were reflected in the earnings releases of major oil companies on Friday.
Exxon Mobil reported that its quarterly profit fell nearly 60 percent year over year amid a challenging environment of low commodity prices and weak refining margins. Meanwhile, Chevron saw a loss of $1.5 billion during the second quarter, compared with a profit of $571 million in the year-earlier period.