NEW YORK (TheStreet) -- While equities have had a wild ride lately, West Texas Intermediate crude oil has been even more volatile. The commodity cracked below $80 per barrel on Thursday, before quickly rallying to almost $85. Recently hovering just under $83 per barrel, it could be headed lower in the long term. 

The level at which WTI crude oil trades is not extreme, Chicago Energies' Peter Amandio explained, but the rate of its decline has been. 

Typically, oil has been selling off, only to stabilize throughout the day. And just when it looks as if it might be OK, a "flurry" of selling hits the market into the close, he said. 


USO Chart
The United States Oil ETF USO data by YCharts

Brent crude oil and gasoline have also been weak but both found some upside in Thursday's session. 

Part of that move higher can likely be attributed to the fact that it's options expiration, Amandio said. Plus, a lot of commodities are hitting long-term bottoms. That's likely to provide some level of support. 

But there is one commodity that isn't finding support: Heating oil. It broke through the key technical support level of $2.50, where it previously had formed a "double bottom," he reasoned. Now that it's below that level, it can continue to move lower. 

Unfortunately for oil bulls, downside still exists. The high supply situation that continues to plague the price of oil is "unlikely to change too quickly." Therefore, crude oil looks likely to head lower in the long term, Amandio concluded. 

WTI crude oil started off the month near $95 per barrel. The decline to $80 marked a fall of almost 16% in two weeks.

-- Written by Bret Kenwell

Follow @BretKenwell