I don’t believe oil goes much lower although anything is possible.  Oil stocks seem like they are stabilizing or diverging even a bit from the price of crude. That’s probably the best indicator of mass market psychology and I think it does play a role in the pricing of the commodity  because there are so many speculators in the market.

A feedback loop of the U.S. dollar, crude, capital flows, and emerging markets.

Source: Citi: ‘We Should All Fear Oilmageddon’