Dondon,

Your hope for fast recovery in OIL price is based only on the Peak Oil Theory. This was mostly promoted by hedge funds and institutional traders which were long in oil.

Now we have the Peak OIL Demand theory in place, possible promoted by the same people who are now short OIL. On the top of this we can see the fundamental shift in energy polices around the world (see some Sharky posts).

Nobody can question that at this time world is flatted with oil. Storages and tankers are full despite major cutbacks in oil production by OPEC.

From the fundamental point of you (demand and supply) it will take long time to work it out this excess. It is crucial for CLL to have Oil above $60 as soon as possible.

Looking on the short term charts, short sellers and contango traders maybe ready to capitulate and we may get the nice bounce back to $50/bbl. Looks like the $40 support may hold.