No one really cares about the price of oil - it's gasoline that drives consumer sentiment.
I think oil is suffering from the stuffed strip at the NYMEX, the supply glut, the lack of demand and the fact that Iran's entire production is off-line and it's having no affect whatsoever on the global markets. So now the supply cushion is known to be much more than was previously stated and it's going to be much harder, going forward, to panic prices higher when a 150Kbd Nigerian pipeline goes down for a few days.
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620M barrels on order in the front 3 months a LOT of open contracts, especially when you have this to look forward to:
Disclosure: I am long USO. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: Positions as indicated but subject to change - we play oil in both directions, using the channel from $89.50 to $93.50 as a guide currently.