Where do you see oil heading?

No one really knows. I'd Jump in a little now and a little later if it keeps going down. Hold until you retire reinvesting dividends.

I can't see it going down much more. It dropped to $45ish a few months ago, made a climb to $60, then found its way back to $45. I think this is pretty much the floor. It will take a while to climb unless OPEC holds a meeting and decides to cut production, US production information is released and shows a sharper negative trend than expected, or a major geopolitical incident.

Both XOM and COP have taken huge beatings to get to that point so it wouldn't be a bad entry spot, but the opportunity cost could be large waiting on the turn around. Be prepared to hold for a while before you see any significant gains other than the dividends they'll keep paying out.

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Between $40 and $50 a barrel in near term

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Probably something like this at least until sometime in 2016 when production declines can start to take charge. An official worldwide recession/deflationary period could push this a bit lower or a new middle east conflict could push this higher but it seems we are in a narrow band until we rebalance supply and demand.

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I have dragged my feet on picking up some XOM, Chevron, oil stocks in general. Was thinking it was going to bottom out around new years but not so sure now. Was hoping to get XOM @72 and COP@ 45. Should I just jump in now and quit trying to guess that bottom or do y'all see another dip coming? Was thinking there was going to be a seasonal winter dip and possible Iran coming back to market.

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overthinking it, just buy some if you see it going higher....could always buy some now and some later...

I saw someone at GS say $20 by year end

I don't think that low, but maybe close