Related: Key Levels for Big Energy ETFs

While demand has yet to catch up to elevated supplies, rebounding economies in Europe and steady economic growth in the U.S. could at least keep oil prices steady around current levels in the second half of 2017.

“Amid the pessimism around the majors, Barclays remains more positive on the market outlook 12-18 months out,” notes Seeking Alpha.

If crude oil prices rebound, shale hydraulic fracturing companies could increase spending on exploration and production this year, supporting further gains in energy services-related exchange traded funds.

For more information on the oil market, visit our oil category.