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“If the central banks stay put, they may see that oil is helping them out. $68 is not unconceivable,” Kilduff said.
"I think the slide is going to begin to tail a little. I wouldn't be surprised to see some profit-taking rebounds. The direction for the market tends to be lower, and until we get some better economic conditions, the market is hunting for a bottom," said Gene McGillian, Tradition Energy.
McGillian said the market is heading to the lows of last year, around $75 per barrel for WTI. Brent, already at an 18-month low, could move as low as $80 per barrel.
"I think a lot of the economic worries have been priced in for the moment and the market's catching its collective breath right now," he said.
Citigroup’s Ed Morse, who heads commodities research, doesn’t expect oil to keep falling for long, but he doesn’t expect it to get back to its year highs soon either. “We think there’s no reason for a sustained price recovery for Brent above $100 or WTI above $85 through the second half of the year,” he said.
But risks return next week when there's a new batch of U.S. data, and the EU leaders meet at the end of the week on the sovereign debt crisis.
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