According to Reuters if oil prices fall further due to coronavirus OPEC will reduce the supply even more.

I think this is the clear signal Saudis are sending about oil market being near the bottom.

judging the chart by Elliott wave analysis gives us $48 price for the ultimate downward target for this sharp move down. but I expect the support to build up close to 50 dollar price range.
so the 49-53 area is a good area to scale into long positions.