Oil is now falling very sharply in response to the crisis the world is in (COVID-19). We still see a large production of oil, but production has fallen slightly. But not enough yet. This means that large quantities of oil are now stored and more oil is still being added.
Airplanes remain on the ground, one of the largest buyers of oil, which means that as long as the "traditional" aviation is not opened up, the large quantities of oil will not be used.
The more oil that is produced, the cheaper the oil will be.
As I see it, the oil will be even cheaper before we see a bottom.
I can conclude that the oil is now in a regular bear market. I do not believe in any price recovery just yet.