oil crash of 2004 ((****))

Oil is getting smashed again. It's only just holding $40. If it breaks below $40 why couldn't it fall dollars further, and quickly too? The market psychology has completely changed. Far from there being a dangerous shortage caused by rising demand, the market now believes there is ample supply. The price keeps going down despite OPEC reducing production. That seems like a BEAR market to me, NOT a bull market in oil.