Crude oil has officially entered a bear market, and Commodities king Dennis Gartman told CNBC the pain is far from over.
In a recent interview, the editor and founder of The Gartman Letter said oil conglomerate OPEC was losing the war on oil, especially in light of the ascension of Saudi Arabia's new crown prince, Mohammed bin Salman. Crude oil is down nearly 20 percent in 2017, and is tracking for its biggest six-month drop since the late 1990s.
"He understands that crude oil, over the course of the next 20 to 40 years, is going to be a worthless commodity," said Gartman. "It will be supplanted by something else."
Crude oil posted its fifth consecutive weeks of losses, its longest weekly losing streak since August 2015. While Gartman expects the crude crush was far from over, he does expect oil to bounce back to $46 in the short-term.
"I bet over the next 2...