In 2007, leading into 2008, the general beat on Wall Street was that equities wouldn't decline. "So it hurts," as I seen on one CNBC segment. Don't worry, it'll hurt a lot less.
We are not likely to see OPEC cut production because they do not what to lose market share. A lot still remains unknown, but crude looks to be trading like 2008.
From 2008's top, a descending is currently acting as support. A trade will be entered on a confirmation close only. If prices bounce, $80/ bbl is likely on a retracement.
However, a close below the trend support, we are likely to see $60/ bbl in the coming months. Fundamentally, it makes sense.