Analysts also say the price may rebound a bit this year.
He uses research to help determine if the price can rebound.
But he said prices should rebound to about $21 a barrel by the end of the year.
Prices rebounded, though, as traders began to doubt the report.
But since Microsoft is such a successful company, it's probably safe to assume that the price will rebound quickly and keep growing.
Some analysts say the companies will have to make deeper cuts if the economy and prices do not rebound fast enough.
Prices, which had opened lower because of the dollar's early drop, rebounded by the afternoon.
By the time these investors thought it was safe to venture back, prices had already rebounded.
Once the speech has been digested by the markets, he said, prices could rebound.
It said prices might rebound in the third quarter.