For a bearish crude play, you might try going long a call on the USDCAD, which has historically shown to correlate with oil pretty closely--80% and higher. FX traders turn to this pair quite often to take advantage of moves in oil. CADJPY is also fungible for oil, as Japan imports all their oil and Canada is thought to produce a lot of the stuff. There, of course, you'd go long the put. The vols on these options are pretty low right now. Actually, most of the fx OTC options are cheaper than usual right now. Good time to buy, I guess, if that's your strategy.