Oh , you missed it. For the last several years production has exceeded demand by 1-2 millionbpd. So the price has moved from $100+ down to the recent low. Then the price jumped up 100% from the low and now its resuming the downtrend. Hope. this helps.
Who are these boobs that come up with this fair value BS? There is no such thing as fair value. The price is determined by buyers and sellers.