i agree with Kashrin.
Commodities are in such a ridiculous bubble, this sell off is nothing. look at a long term chart.
its just deleveraging to a certain point out of general market fear.
crude is following equities lock step today as it often does on the big fear days. It is still over valued by at least 30% do to the dollar, and that is due to the FED.
That said, I am short crude as I write this! I'm a day trader so i change my views by the minute, but in general, we still have massive commod inflation. one day does nothing. try buying a loaf of bread in the grocery store. When that price declines by 50%, then we will be back to normal.