There's still the strong possibility of further retrace, I...

There's still the strong possibility of further retrace, I personally believe the failure of an agreement coming out of Doha has added to pessimism in the short term , I say short term because oil bounced back to 40 bbl by lunch today previously touching on 38bbl after some oil punters were expecting low 30 s .
Oil is set to hit 43 bbl this year if it doesn't it will hit high 40s by next year. Most of the glut in oil is resulting from high production out of OPEC to try and drive small producers out of market, more so than production from fracking operations but these US operations have thrown a cat amongst the pigeons.
It would be worthwhile looking at an interview with hedgefund manager Kyle Bass with the Wall Street Journal (youtube) to look at the oil market from a different angle, he is predicting a looming shortfall in oil fields coming into production in the near future around three years due to the pullback in oil giants expansion of productive oil fields due to the increased production resulting in the current oil glut.. In fact if they hadn't pulled back it would be quite unlikely we would have a quality smallcap like 88E with such a high potential oil field sitting at this silly price.
Only oil play I've ever invested in , it just looks like a very good risk, "Time" will tell me if it was the correct decision