The weekend's developments provided us with a stark reminder that the coronavirus is currently an unstoppable force.
It's technical buying. It's pretty obvious shorts started to take profit when Brent prices dropped down to the 2008 low.
Chinese GDP data and the rise in the Saudi stockpile due to falling crude oil exports are weighing on prices.
Investors holding short positions have already started to take profit ahead of the weekend after four days of decline.
Bullish rhetoric from OPEC is helping drive prices higher, rig count data is also supporting sentiment.
The U.S. Crude oil stocks build reported by the API last night is weighing on prices.
Markets are worried that a Greek debt default could hit European economic growth and thus fuel demand.
The Libyan and Iraqi oilfield skirmishes are worrying, there are serious supply issues there.
The market may just have moved down too far too quickly today, it was a bit overdone and people may be 'bottom-picking'.