Economic theory suggests that ultimately somebody still needs to go out of business in the oil industry, and after 2 plus years of massive declines in prices we seem to be right back where we started with this oversupply crisis in the oil market. 

US oil production seems to have bottomed at 8.4 million barrels per day and is rising again, and headed for moving back above 9 million barrels per day in 2017. The Trump administration seems to be bullish for more US oil production, and I am not sure that is good longer term for the overall price in the market. 

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