Might have bottomed out. From the WSJ’s Environmental Capital blog:

Crude oil futures are hopping — prices are up almost 6% to about $45 in New York mid-morning. Since the U.S. recession didn’t end Wednesday night, what red flag is being waved at oil bulls?
In a word: supply. Or as Catfish Hunter might have said in a cleaner moment, “The sun don’t shine on the same dog every day.” After months of market focus on the outlook for oil demand, especially in the U.S., attention is turning back to the supply-side picture. That mostly means OPEC, which provides about 40% of the world’s crude.
OPEC genuinely seems to be complying with its pledged output cuts, Conrad Gerber, head of Geneva-based oil-intelligence firm Petro-Logistics SA, told us. And that means crude oil’s recent upward march might just be the start of bigger things: “The floor has been reached,” Mr. Gerber says.
Preliminary data from February suggests OPEC members lopped off one million barrels of oil rom a month earlier. All in all, Mr. Gerber figures OPEC has shaved off 3.5 million barrels since September — or 83% of its announced cut of 4.2 million barrels. That might only merit a “B” in most schoolrooms, but given OPEC’s past record on compliance, that’s an A+ — and better than Mr. Gerber had anticipated.