The way most markets work when you have a big collapse, there is a bounce, often called a dead cat bounce and then after a while you have a retest of the lows. I would suspect that crude oil is going to retest the lows which was in the 40s or 50s depending if you are talking about Brent or WTI. But yes, I would not be buying crude oil at the moment because I am looking at a retest of the lows. I expect that test to hold.
Trading tickers: Nymex Crude Oil futures, United States Oil Fund LP ETF (USO), Exxon Mobil (XOM), Energy Select Sector SPDR ETF (XLE), Halliburton (HAL), Marathon Oil (MRO)
Jim Rogers is a legendary investor that co-founded the Quantum Fund and retired at age thirty-seven. He is the author of several investing books and also a renowned financial commentator worldwide famous for his contrarian views on financial markets.