Oil's turnaround
Oil is reversing higher after one of the worst selloffs in history. This has pushed several indicators which Jason mentioned a few days ago away from extremes. For example, the spread between near and far term oil futures has narrowed:
Oil's exact bottom wasn't necessarily in when it did so in the past. 2016 saw a V-shaped bottom, but 2008 saw oil chop sideways before staging a major rally. 1998 saw oil swing sideways for several months before rallying vigorously.
It's hard to predict what oil will do over the next few weeks, especially since so much of it hinges on the outcome of an OPEC meeting. Beyond that, it's safe to say that oil will most likely rally over the next 6-12 months.