Demand remains consistent at 1.5% YoY, the decline was caused entirely by supply-side shocks and record production. From the lows, late last year OPEC has talked up production cuts which would ultimately be the catalyst to rally higher.
This is a bullish market, shorting counter-trend is risky so make sure you are managing the risk of the position BEFORE you place your trade.
I won't be shorting Oil, but I will be a buyer at $48.60 provided all the planets continue to align.