I honestly think oil will hit 10 dollars before it bottoms, the pile continues to grow. The oil rigs that were pulled offline are having zero impact on output because the remaining ones started pumping more oil, I read that even though 400 rigs have come offline, US production has only come down by 4% !
Saudi's are pumping like there's no tomorrow.
Sorry man, this glut is not going away anytime soon. 2020 maybe. I'd be careful if you're long, I just dont see it.