You may also want to consider that at $42/bbl, most of OPEC’s competitors cannot make a profit and thus will cease to operate if this maintains for too long. This may not be the bottom for oil, but I bet it’s dang close. Maybe it could drop another 10%? But of course, the next question is, “what’s out there to cause it to rise?” Look at oil performance for most recessions. Not too good. But it could be good for a 15% pop over a few months.
