Oil prices fell sharply this week on concerns about global oversupply, but now might be the time to buy the commodity, according to one strategist.
WTI and Brent crude have both fallen around 4 percent so far this week, leaving it in a technical bear market as prices are down more than 20 percent so far this year. Brent fell below $45 for the first time this year on Thursday before recovering.
Prices have fallen on concerns of high global inventories and increasing production from several countries, according to Miswin Mahesh, oil market analyst with Energy Aspects.
"(The falling price) reflects ample supplies of light sweet crude in the Atlantic. Higher output from Libya, Nigeria; and offers of North Sea crude from floating storage are looming on the market," he told CNBC via email on Tuesday.