West Texas Intermediate crude oil futures were trading down 1.6% Friday to $45.6 per barrel. Meanwhile, Brent crude was hovering around $48.7 per barrel.

Conway Mackenzie also warned that energy explorers will follow shortly after a collapse in the oil services industry.

Over the past year, the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEArca: XOP) declined 33.3% and iShares U.S. Oil & Gas Exploration & Production ETF (NYSEArca: IEO) fell 14.6%. [Exploration and Production ETFs Stung by Glum Wall Street Views]

Market Vectors Oil Service ETF

For more information on the oil industry, visit our energy category.

Max Chen contributed to this article.