It's also consistent with the current "fundamentals" of the oil market, which reflect a push for a tighter oil supply in the next couple of months. Last Tuesday, for example, the Kingdom of Saudi Arabia - a traditional pace-setter for OPEC - announced that it will cut its oil supplies by an additional one million barrels daily for February and March.
That could help oil prices stabilize above $50 and perhaps even push them even higher, provided two major conditions are met: 1) the global economy continues to recover from the Covid-19 related economic recession, and 2) none of the world's major oil producers, whether it be OPEC, Russia or the U.S., decides to up production.