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Bottom on oil's plunge unknown: Expert

Oil's massive price drop continues to befuddle industry experts.

"We're at the stupid range," Stephen Schork, editor and founder of The Schork Report, said in an interview with CNBC's "Squawk Box." Schork added this situation is similar to oil's price spike in 2008 in terms of its uncertainty.

"We don't know how much lower oil can go," Schork said. "It's similar to 2008 when we knew oil at $120, $130 and $140 made no sense, but high prices became the reason for higher prices. It's the same thing in reverse."

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Schork also said oil's price plunge is attracting many investors. "Bets for oil below $30 by June traded over 46,000 contracts over the past two weeks," he said.

Also on "Squawk Box," Boris Schlossberg, founding partner of B.K. Asset Management, said an entire year of oil selling at $50 per barrel will create problems for Russia.

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"Russia is in very serious trouble if oil just stays low," he said. "We had a bounce in the ruble, and it sort of stabilized right now, but if you have oil staying at $54 for a whole year, it's really going to create problems over there."

Schlossberg added that this could lead to more capital leaving Russia for other currencies, including the Swiss franc. "There's a lot of money being moved into the Swiss franc as a safety trade," he said.