Pretty nice easy looking chart here. Oil has declined big time lately and has since neared a strong base/support level. This base formed from 2009-2010 as Oil chopped between $70 and $80. Once it broke out Oil moved higher and each time it neared these levels there was a bounce. The lines you see are regression lines with the purple on a regression from the peaks in 2008 and the red is from the lowers in 2009. You can see oil should be back up near those levels but has dipped well below them.
Looking at this chart is it is hard to get bearish on oil, there would need to be strong selling pressure to break through that base or really weak fundamentals to destroy that much demand. Oil just may have found its bottom at this level.