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Before oil prices can rise, production must decline and/or demand must rise and demand won't increase anytime soon with Europe, Japan and Brazil as weak as they are, Russia in recession and China slowing.
That means supply must fall and that will probably require still cheaper oil.
Recent research suggests that even at $40 per barrel, only 1.6% of world oil supply faces negative cash flow and the glut is about twice that big.
Maybe $37 per barrel?
We are currently at $45 per barrel, down .79 cents. But many economists feel we may go as low as $35 per barrel.
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