Oil has actually been a boring investment over the last several months or more.  It has seemed to stay around $80 with a fairly narrow trading range.  While certain days might seem volatile, overall the volatility has been low, especially after the extremely high volatility of a few years ago.

If the economy takes another downturn (likely), then oil and oil related investments could easily go down in price in the short-term.  Although most people continue to use gasoline for their cars in a recession, some people might cut back.  It is also consistent that commodities tend to go down in price during a recession/depression.

There is a good argument to be made for higher oil prices in the longer term.  There is more worldwide demand than in the past, but a worldwide depression might dampen that.  Also, there is always the threat of more war.  Luckily, talk of war with Iran has calmed down, but if anything did happen there, the price of oil would explode.

The most likely scenario for a rise in the price of oil is simply from inflation.  If the Fed goes through with another round of monetary “stimulus” and price inflation becomes more significant, then oil will likely go up.  A weakening dollar and high price inflation will favor a higher oil price.

Whether you are investing in options/futures or if you are buying oil ETFs or oil company stocks, the price will depend on what the Fed does and also whether the Fed/government force or encourage the banks to lend.  Just like the price of gold or silver, the oil price will eventually depend on the actions of the Fed.