On the national news last night, a report on fuel said that the price of oil was still down because Saudi Arabia and others are flooding the markets with oil.
However, my recollection is that Saudi Arabia and others are holding production levels steady, not increasing them, which is what would happen if they were "flooding" the markets with oil.
Therefore, we are only left with:
(1) a radical decrease in demand, and/or
(2) a removal of some process which artificially held prices up for a long time, and/or
(3) Scrooge McDuck actually does run the world economic system.