SEE MORE: OPEC Output Freeze Speculation Lift Oil, Energy ETFs

Elevated levels of production remain an issue for oil as well. 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.

“Of course, there is always the possibility that we were wrong in our expectations of seeing $35 oil before things got better. If prices break and close above the trendline, the bearish case can be thrown out the window. Nevertheless, it isn’t over yet,” according to TheStreet.

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United States Oil Fund