Oil reserves peaked sometime ago except for fracking. Fracking came along turned into a bubble that bubble has popped now but that caused a glut of oil for a while.
Crude oil is in the process of making a complicated bottom. We'll look back in a few years and say in 2015-2019 crude oil made its bottom. It will go higher because reserves are declining everywhere in the world except fracking but that bubble the fracking bubble broke.
