"Crude is the most stable of commodities
Unlike copper, steel and lumber, all of which are dropping in price, Dicker notes that there still isn't any substitute for old school crude oil. It powers everything in our world rather than just construction or other discretionary products. Of course a drop in overall consumption can occur but unless a full scale meltdown of the global economy comes to pass, marginal demand for crude won't disappear.
Oil is "financialized"
Oil is something of a form of currency for financial managers. Unlike gold, which is obviously not as appealing as it was a couple years ago, oil has a function beyond being shiny. With gold's collapse Dicker says institutional investors looking for a place to park money that doesn't rely on the fickle nature of individual investors to drive prices higher have few options beyond crude."