After an agreement accord between the Saudi and the Russian the oil market still under pressure, loomed by weaker global demand. A closed below 19.00 may signaled another downside move, but looking over the past in 2001, there present some support around the 16.70. If this level breached, the next plunge will be towards the 1998 low of 10.35 before any sign of recovery in place. Please consult the price action on the chart for the next move before making any buy/sell decision, and of course seek professional investment advice from a licensed professionals.