Aye in recent times oil and risk combine - the thinking is that if business is going down then so too oil demand.
Check out the energy sector on the S&P - the decline in XLE goes back a while - over 5 years:
That’s the 5 year view - choose any time frame and it’s possible to see how investors view energy:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
But why the decline?
Price on wti was over 100$ per barrel mid 2014 - that made oil extraction attractive especially for frackers - then came Pres Trump who is very much in favour of lower oil prices, then the Saudis - which surprises some people - are happy with prices around the 40-50 mark for various reasons - I mentioned this back 3 years ago here:
Anywyas, bottom line is that it will hopefully a long time before the world sees $100 oil 
I liked this thinking from Investopedia back last year: