As expected, Oil has found support and rebounded off of the $43 level. It found support around the $43 level because it was the low in September and November. It has nothing do with what some new Sheik or Prince in Saudi Arabia said, or because 'someone', said 'something', 'somewhere', on 'some network', or some terrible overpaid doosh bag analyst at some Wall Street firm changed their numbers. IT IS IMPORTANT TO UNDERSTAND THAT NOT EVERY MOVE FINANCIAL MARKETS MAKE ARE NECESSARILY THE RESULT OF SOME IMPORTANT UNDERLYING FUNDAMAENTIAL ISSUE. In fact, most aren't.
In the short-term, movements in financials markets occur because of supply and demand dynamics, and these dynamics are the result of the current levels and trends that the are being tested. Oil found support around the $43 level because that was the low in September and November. If the low then was $45, or $40, or some other level, then that's where it most likely would have found support currently. Going forward, $43 will probably still be an important support level, and there will probably resistance around the $45.50 level because it was support in early May and early June.