Now I don't believe that the price of oil is going to exhibit the famous "V" formation but I do expect it to exhibit more of a "U" formation. Maybe even a somewhat wide "U" formation. Many companies and countries have been accumulating oil at these low prices in anticipation of prices going back up. They've bought more oil than they can possible use in the short term and simply put it in storage. As prices start to head up, I expect those companies and countries to begin using up that stored oil and reduce any upward pressure on the price of oil. I believe this will reduce demand going forward and keep prices low longer than normal.
I welcome this situation because I'm trying to add to my position in the major integrated oil companies. The individual shares in these companies are priced near $100 per share so It takes awhile for me to accumulate a reasonable position. Like most analysts, I believe the price of oil will be significantly higher later in the year so I'm trying to take advantage of these lower prices and higher dividend yields while they last.