As oil prices struggled to hold onto this week's gains, investors are obsessed with pinpointing crude's next move—and there's hopes the worst might be over.
"We might have hit the bottom," Neil Atkinson, head of analysis at Lloyd's List Intelligence, told CNBC Wednesday. "Simply because the Brent and WTI price have both been stuck in the mid to upper $40s since about the beginning of August (aside from Black Monday period). They haven't really gone anywhere, a little bit up, a bit down."
At the end of 2015's third quarter, WTI crude closed down over 24 percent, with ongoing supply and demand imbalances worsened by the economic slowdown in China and accompanying financial markets fears. The three months from July to September marked WTI's worst quarterly performance since 2014's fourth quarter, when it lost over 40 percent.