U.S. light, sweet crude fell to a low of $90.44, down $1.61. The contract has lost more than 2.5 percent for the week.
From a technical perspective, Iuorio thinks crude will find support at $89.40 a barrel. If it does reach that level, he might consider getting into the oil trade.
To Joe Terranova of Virtus Investment Partners, however, the energy commodities in general are not attractive right now.
"I wouldn't overweight oil. I wouldn't overweight the coal names," Terranova said. "What has not worked so far is going to continue not to work. There are other places that you want to be. China's PMI was lousy [and] that affects the natural resource trade."