Prices of crude oil fell to USD 35 per barrel, as there was a persisting global over supply, with the fights for market share. OPEC's latest decision to maintain its stance supports the production to continue to outperform the demand in near term, which might keep the prices below mark through next year.

A weak USD, some improvements in the EM  and signs of tightening market conditions, led by lower non-OPEC production, should help in rising oil prices to above USD50 per barrel.

"Overall, prices are expected to remain quite low through the first half of 2016, before a weaker U.S. dollar, more optimism surrounding emerging markets, and a tapering off in production, particularly in the U.S. triggers expectations for a more balanced market, helping to lift prices to US$55 per barrel by the end of the year. In 2017, prices are forecast to only reach US$60 per barrel as the market will remain well supplied. ", says Economics TD in a research note. 

Nonetheless, the upside potential for the oil prices seem limited, given the massive amount of inventories which would need to be worked down.

With the technological developments and efficiencies, the cost of production would be brought down in the coming years, but in order to trigger a significant uptick in investment in the sector, prices will likely need to be higher.