Has crude oil hit bottom?

So has crude oil hit the bottom? Some US traders in Energy now believe that crude oil has hit its lows as US rig numbers idle reach highs and issues with Yemen continue. However edible oils continue to be weak as improving crops in Palm oil help to keep prices low. Will demand though pick up as countries look to blend more oils for biofuels due to low prices? Coconut oil hovers just below the $1100 level but again traders are wondering if this is the bottom for coconut oil as demand will start to increase as summer kicks in.

Desiccated prices have been weak of late with supply plentiful and demand at it’s lowest point of the year. But demand is picking up as buyers cover out positions taking advantage of the lower prices. The question is really will supply continue to improve so keeping prices low or will demand pick up enough to soak up any extra product so pushing prices higher?