There may be further downside for oil markets, but the bottom is not further away, said Credit Suisse's oil and gas expert Thursday.

There will be "more pain" before markets get "more confident or comfortable" Credit Suisse's co-head of global oil and gas research, David Hewitt, told CNBC's Street Signs.

His comments come after crude oil prices hit seven-year lows this week after OPEC maintained its 30 million-barrel-a-day even amid a global oversupply.

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Hewitt did not give a forecast for how much lower oil prices can fall but said they are "unlikely to go significantly lower" as Brent crude have hit $39.57 a barrel this week, just off $36.20 a barrel in December 2008 during the Global Financial Crisis—which translates to around $38 a barrel today.

"We have kind of bottomed off the last cycle and the last cycle was very aggressive but the last cycle was different. That was a demand-(driven) world economic crisis; this is a supply issue," he added.

Going into 2016, fundamentals will be the signpost for the market, with no significant drawdown in inventory expected till the second half of the year when some recovery in prices is anticipated, said Hewitt.

U.S. crude oil inventories fell 3.6 million barrels in the week to December 4, the Energy Information Administration said Wednesday.