Last year was a tumultuous year for oil, with Brent crude prices declining around 50 percent since June on the back of an over-supplied market and lack of global demand.
From "old school" oil producers Russia and Saudi Arabia in the east to shale oil in California and oil sands in Alberta in the west, the glut of oil and its impact on currencies and economies has been felt across the world.
When the Organization of Petroleum-Exporting Countries (OPEC) decided not to cut production when it met in November, the 12 major oil producers effectively threw down the gauntlet to the young guns of U.S. oil to see who could withstand the fall in prices and who would blink first and trim production.
Read MoreOil investing: 'Man camps' matter
On Jan. 2, benchmark Brent crude was trading at $57.11, having fallen from a high of around $115 a barrel hit in mid-June.
With prices falling fast and hitting five-year lows in mid-December, commodities research teams at the world's investment houses and banks scrambled to revise their 2015 predictions for oil and the potential impact on global economies.
And as wildly fluctuating as the price of oil has been, so have the predictions. While HSBC told investors to prepare for $95 a barrel by the end of 2015, other analysts were far more bearish. Morgan Stanley cut its 2015 forecast for Brent saying that in a worst case scenario crude prices could fall to $43 per barrel in 2015, although its base case scenario was for $70.