Devil: The drop in oil was because oil had a huge runup and investors started to short it. Why is gold selling off when it was always a safe haven. People got scared and started to take pofits or tried to preserve capital or what was left of it.
Oil was oversold, another words, there weren't enough new buyers left in the market to support the higher prices. Many traders positions were maxed out and the only direction the price could go is down. It is actually pretty simple when you understand the mechanisms involved.