The case for oil is a bearish one. The Daily chart of USO below reveals a long term downtrend that is unfinished to the downside. Notwithstanding day-to-day fluctuations, the pattern is not all that different from stocks:
A year ago transportation companies, airlines, truckers, buses, taxi's and shuttles were tacking on oil price fees to compensate for $140 oil. What will they do for us at $20 oil?