It has taken a multitude of factors, all emerging around the same time, to create the volatility investors currently witness in the market, Hastings said. And it's precisely because of the complexity of all those risk factors that oil is expected to remain at lower prices for months.  "You're looking at a lot of supply in a world that has a flat demand story," he said.  Much of flat demand stems from worries of a recession in Europe and a slowdown in China. The euro zone is combating longstanding economic problems that have left it on the brink of another economic crisis. Meanwhile, growth in China has begun to lag, which is expected to reduce its thirst for crude.  "In a slowdown, it's just natural that consumers would consume less," said Lars Knudsen, also a managing director and partner with HighTower Bellevue. "Even with lower oil prices, if unemployment is at 20 percent in Spain, those people are going to drive less and going to spend less. The same thing goes with China."  Read More Why the oil price decline is failing to boost Europe  Meanwhile, low demand for oil is being met by exorbitant supply. U.S. production of crude remains at all-time highs, which previously was of little consequence but now compounds the problem seen in the crude market. Simultaneously, political conditions have improved in Libya, allowing for oil production to ramp up in earnest for the first time since the start of the country's civil.  Russia also plays the role of a spoiler when it comes to global crude supplies. Given the economic turmoil Russia has experienced due to its involvement in Ukraine, some analysts believe Moscow may cash in on its stores of oil to help keep the country's economy afloat.  Normally, high oil supplies would push OPEC and other oil producing countries to cut production. Yet, recent reports suggest OPEC nations, particularly Saudi Arabia, are willing to keep prices low if that increases demand.  "They have expectations of income," Knudsen said. "So they have increased production to keep their heads above water."
Oil prices should stay at their currently low levels, or drop further, due to a "perfect storm" of risk factors.