I don’t think that this is so much a matter of supply and demand. I think that the drop in oil price goes right along with the drop in gold and silver (maybe other commodities?) ahead of a world monetary crisis. Once the crisis becomes apparent, the dollar will no longer be the world currency and the prices will sky rocket.
If there were a world monetary crisis, what currency would replace the dollar?
Certainly not the Euro, or the Yuan.
Basically, the mantra right now is “Hold on to the run away roller coaster”...