Don't expect Saudi Arabia to come to the rescue by cutting production, John Kingston, director with Platts, added.
"The Saudis, I think, are making clear through their actions, if anyone is waiting for them to do some unilateral support, it is not going to happen," he told "Street Signs."
He thinks there will be a "countercyclical build" in inventories this quarter.
"Usually you draw inventories in the fourth quarter. We're probably going to build it," Kingston said. "This is a very bearish scenario."
Read MoreThis price would kill U.S. oil production growth
As for a break-even price point on U.S. shale oil, both Essner and Kingston said there is a lot of variability.
"Earlier this week, the head of the IEA [International Energy Agency] said that more than 80 percent of U.S. shale is break even below $60. Earlier this week, some regulators in the Bakken said that there are parts of the Bakken that's break even at $28," Essner said.
"The numbers are all over the place," Kingston added.
—CNBC's Jackie DeAngelis and Reuters contributed to this report.