1. The crude oil chart is not encouraging at all; bounces have been shallow and the decline since the summer has been orderly:

WTI_Crude_11.27.2014

 

2. US crude oil production (mostly from shale oil) continues to explode higher while crude oil imports are in a clear downtrend:

US_oil_imports_production

 

3. OPEC left production quotas unchanged this morning in a clear sign that OPEC members do not believe a production cut would have a significant enough effect upon the oil price. WTI crude fell below $71/barrel following the OPEC meeting:

Crude_5-minute

 

4. Oil is becoming a less important energy source as natural gas and renewables become a larger part of the world's energy future:

Energy_share

Inputs_to_Power

Source for charts: BP Energy Outlook

UPDATE: WTI crude has fallen as low as $67.77, here's a solid summary of the OPEC meeting from Reuters: Saudis block OPEC output cut, oil price sinks further

Follow me on Twitter @CEOTechnician