"This move is so decisive over the last couple days and It's dependent on so many factors that all point to negative oil," Iuorio said, citing weak employment data as an example. "To me, it seems like crude could have more downside."
At the same time, Iuorio doesn't recommend selling oil at current levels. Before dumping out of a position, he suggests waiting for it to get back to the $93.90 level. In the meantime, he plans to sell the May crude oil futures contract at $93.90 with a target of $92 and a stop at $94.90.
(Read More: 10 Things You Need to Know to Trade Futures)
From a technical perspective, Jeff Kilburg of KKM Financial said, crude oil could fall much lower if it breaks the key technical level of $89 a barrel. He thinks it could even drop to the $85 level in the short term, especially because economies worldwide appear to be slowing.
Both Iuorio and Kilburg agreed that decreased demand will also serve as a headwind for oil. More Americans are driving fuel-efficient automobiles, meaning less demand for fuel. During the Great Recession, consumers avoided buying new cars. When today's drivers are forced to make a new purchase, however, they're going for cars that use less gas.
Earlier this week, Tesla Motors announced a partnership with Wells Fargo and US Bancorp on a financing product that it says will make its pricey electric sedan accessible to more people.
"Even if you're not into the electrical car situation, you have to rethink, 'What are we doing buying gas?' " Kilburg said. "So I think the demand destruction is making everyone rethink [the oil markets] this week."
Read on for Drivers, Rejoice! Expect Big Drop in Gas Prices
— By CNBC's Drew Sandholm with Reuters and additional reporting from CNBC's Giovanny Moreano
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