OPEC has lost its grip on the oil market, but crude prices will likely set a bottom in the low $40s per barrel, according to the latest CNBC Oil Survey.
Sixty percent of participants agree that OPEC has lost control of the oil market, and the same percent also expect the cartel to continue its efforts to "jawbone" or talk up prices.
Just over half — or 53 percent of the participants in CNBC's latest survey — say the bottom for oil prices is likely to be in the low $40s per barrel. However, 70 percent would not rule out a further drop into the $30s. Forty-six percent see it holding in the high $30s if it does go below $40 per barrel.
Forty-seven percent of the 15 oil market experts say there is more downside risk, but 40 percent say there should not be. Oil prices are expected to end the year between $40 and $49 per barrel, according to 47 percent, while 33 percent see prices in the $50 to $59 per barrel range.
WTI hit a recent low of $42.05 per barrel on June 21, a level it had been near in November. The low in August 2016 was $39.19 per barrel. Oil rose as U.S. government data on drilling activity for new oil production in the United States fell for the first time since January, dropping by two rigs. Monthly government data also showed crude output fell in April for the first time this year.
U.S. Energy Information Administration figures, released Friday, showed that U.S. output fell by 24,000 barrels per day on a monthly basis, a bullish signal for the market.