'Perfect storm' could send oil to $75, pro says

Perfect storm for oil: Pro
Perfect storm for oil: Pro   

Oil prices will continue to slide down, with West Texas Intermediate possibly plunging to $75 a barrel, Jack Bouroudijan told CNBC's "Power Lunch" Thursday.

"This is a perfect storm for oil, think about it, between the Saudis trying to maintain market share and cutting and slashing prices, between the strong dollar … and the fact is that there is a huge supply out there," said Bouroudijan, chief investment officer at Index Financial Partners and a CNBC contributor.

Read MoreOil heads to bear market as Saudis signal price war

U.S. crude, or WTI, oil futures for November hit a 17-month low early Thursday, falling below $90 for the first time since April 2013. Brent crude hit a 27-month low of $91.55 per barrel.

Oil pumps wells Monterey Shale fracking
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Anthony Grisanti, president of GRZ Energy, said Saudi Arabia's price cuts are telling.

Read MoreOil plunges to multi-month lows

"You didn't hear them saying cutting production, which really is what you would expect with falling prices. Cutting prices means that they're just trying to hold onto market share at this point," he said. "They're not really worried about the overproduction at this point."

Grisanti told "Power Lunch" he thinks WTI could hit $85 into the holiday season.

Read MoreOil heading near $140: Dicker

For Bouroudijan, there is a bright side.

"This is more money in the hands of the American consumer in the fact that gasoline prices are going to go down, and we are going to see all of that really affect the economy over the course of the next six months," he said.

—CNBC's Patti Domm contributed to this report.