An oil price of $80 per barrel in 2009?

It's possible, so says a hedge fund firm founder, if the right factors line up.

Renee Haugerud, founder of the $2.5 billion commodities hedge fund firm Galtere Ltd. told Bloomberg News oil may fall to $80 per barrel as supplies of alternative energy sources increase.

Further, Haugerud said the surge in oil has been overdone by investors seeking holdings in raw materials through the Standard & Poor's GSCI Index, a commodity gauge weighted toward energy, Bloomberg News reported. Oil closed Friday down 11 cents to $115.46 per barrel.

Economist Glen Langan told BloggingStocks a further decline in oil to below $100 is consistent with the recent slowdown in global economic growth, but he'll await further international GDP data before arguing for an oil dip to the $80 range.

"The key here, again, as with the uptrend in the previous four years, is China. If oil consumption growth slows in China, oil will experience a large sell-off, as institutional investors and traders sense that the great bull run in commodities is at least pausing," Langan said. "China is likely to register GDP growth of about 10% in Q3, and if it's below 9% or 8.5%, investors will take that as a sign that a slowdown is ahead, which is bearish for commodity prices." China's economy grew 10.2% in Q2 and 10.4% in 1H 2008.