Ron Insana's Chart Of The Day: Is This Simply A 'Dead Cat Bounce' In Oil?

Ron Insana is an award-winning journalist, and the author of Insana’s Market Intelligence.

With oil prices rebounding $7 a barrel from their most recent low, has oil has bottomed? Or this is simply a “dead cat bounce” after a 60 percent decline?

Counter-trend corrections or short, sharp and scary, in this case, if you happen to still be short oil!

The key questions may no longer be supply driven, as production is being cut at home and abroad.

Going forward, the price of oil may instead be both dollar-driven and demand-driven.

Saudi Prince Al-Waleed bin Talal and the head of BP say that we will either "never see $100 oil again," or that there is “no hope” of seeing it for a very long time. My question is whether we will see $30 before we see $80!