Oil prices are likely to remain range-bound until H2 16

"Prices are likely to remain range-bound until fundamentals tighten in H2 16, but market
participants should be watching the rate of US stockbuilds for evidence that the market
is rebalancing."

This is the view of Commodities Research Analysts of Barclays in a daily report. 

The experts point out that during downturns in the 1980s and 1990s, y/y US c rude stock levels served as a leading indicator of changes in the time structure and the flat price of oil.
Stocks are now building at twice the rate as during the 1980s and 1990s, meaning an adjustment is likely still months away.
Despite the temptation to draw similarities to the 1980s, there are important differences as well. 

"We cannot help but think that Russia and OPEC members’ strategy to freeze oil production is just another way that they can “play it by ear.

We see further weakness in timespreads and an uphill battle for prompt oil prices in H1 16. We expect Brent prices to average $33 during this timeframe.

US production declines will help reduce the rate of US stockbuilds and will flatten WTI timespreads in the summer  months.  

Tight oil producers grew production in 2015 by pulling out all the stops, but capex is expected to fall another 50% in 2016, presenting a challenge for production.
Liquidity tightening is a key component driving producers to scale back operations, conserve capital, and focus on only their most productive acreage."