For the more aggressive trader, there are number of leveraged options, including the ProShares UltraShort Bloomberg Crude Oil (NYSEArca: SCO), which tries to reflect the two times inverse or -200% daily performance of WTI crude oil, and DB Crude Oil Double Short ETN (NYSEArca: DTO), which also follows a -200% performance of oil, jumped 17.4%. Lastly, the VelocityShares 3x Inverse Crude (NYSEArca: DWTI) takes the three times inverse or -300% performance of crude oil. Over the past month, SCO increased 24.0%, DTO advanced 28.1% and DWTI surged 40.6%. [ETFs to Hedge Against a Grim Oil Outlook]

Meanwhile, the retreating oil prices are also exacting a tole on many markets, notably international economies that are heavily tied to crude oil exports. For instance, the iShares MSCI Canada ETF (NYSEArca: EWC), which has a 20.6% tilt toward the energy sector, has dropped for an eighth day, the worst period of consecutive declines since the financial crisis, and has fallen 7.8% over the past month. Additionally, the Market Vectors Russia ETF (NYSEArca: RSX), which has a 42.9% weight toward energy, was 4.7% lower over the past month.

Nevertheless, the IEA believes supplies outside of OPEC will dip next year by the most since 1992 as cheap crude helps price out costlier producers, such as the U.S. shale oil industry.

United States Oil Fund

For more information on the crude oil market, visit our oil category.

Max Chen contributed to this article.