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Saudis can change the oil markets if they...

As the oil market is still slipping and sliding due to OPEC's decision last Friday, all eyes now shift to the Federal Open Market Committee's meeting next week.

If the Fed increases rates, China furthers economic easing, and Iran exports additional barrels of oil, then the West Texas Intermediate prices will be challenged and Brent crude could collapse to $25 a barrel, according to Merrill Lynch.

Under this scenario, the only thing that can change the landscape of the oil market is a black swan event, Francisco Blanch, head of global commodities at Bank of America Merrill Lynch, told CNBC's "Closing Bell" on Tuesday. And that turn of events, will have to come from Saudi Arabia, he said.

"The black swan is basically Saudi gives up on its currency peg," Blanch said. "I think that'll help them a lot in the long run."

While market watchers might be focused on uncertainties in the oil market, heating oil may soon give homeowners' bank a break.

On Tuesday, the U.S. Energy Information Administration released its December short-term energy outlook.

"The effect of lower crude oil prices, along with the potential for above-normal temperatures, is spilling over to lower residential heating oil expenditures," Adam Sieminski, the administrator for the EIA, said in a statement. "The average household using heating oil should save almost $600 this winter."

On Tuesday, USLD heating oil settled at $1.26, its lowest since March 2009.

WTI settled down at $37.51, its lowest since February 2009 when it closed at $34.62.

Brent settled at $40.26, its lowest since February 2009 when it closed at $39.55, and natural gas settled up slightly at $2.07.