Oil could still possibly tumble further, said Nasdaq energy analyst Tamar Essner on Friday.
"I think it would be risky to rule out a $20 handle on oil right now," she told CNBC's "Squawk on the Street." "There are too many bearish factors and the market is very nervous."
Among those downbeat factors include a stronger dollar, especially if the Federal Reserve raises interest rates next week, Essner said.
"Sanctions on Iranian crude could come offline as early as January, and OPEC messaged to the market last week that they are going to continue pumping at record levels because they want to focus on market share over price, at least in the next six months," she added.