Saudi Arabia continuing to pump oil near its maximum daily output has allowed a once glut in oil into a rebalanced market. Oil producers from the United States to Nigeria, which have expensive oil, have had to cut off new supply and has caused 11 weeks of lessening of oil output in the United States.
Technically the chart looks like a head and shoulders bottom
In my opinion: I think $55 oil by mid July is a possibility definitely by the end of the year. We will probably have a washout in August which usually happens and is a good month to be short.