The United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, is down more than 45% year-to-date while the United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, is down nearly the same amount.

That makes BNO, USO and rival oil exchange traded products some of the worst-performing commodities funds this year and that is saying something given investors’ rejection of commodities as an asset class. With 2016 drawing near, commodities investors should temper expectations for a legitimate oil rebound next year. In fact, some analysts see more downside ahead for crude.

Last week, crude oil prices fell to their lowest levels since early 2009 after OPEC’s meeting Friday ended without an agreement to lower production, Reuters reports. OPEC has been fueling a global supply glut in an attempt to maintain market share and squeeze out high-cost oil producers, such as the nascent shale industry in the U.S.

OPEC has kept up production to pressure high-cost rivals, such as the developing U.S. shale oil producers. The International Energy Agency expects it will take several years before OPEC can effectively price out high-cost producers. [Oil ETFs Face World-Record Supply Glut]

However, oil prices, BNO and USO have sharply rebounded this week, but that does not mean investors should expect a lot of the same next year.

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