The market is still gripped by oversupply. The US's primary crude oil facility, in Cushing, Oklahoma, is stuffed with a record stockpile of 64 million barrels, The Economist notes,...
While in other areas around the world - including, critically, China - storage facilities are so full that millions of barrels are floating offshore in tankers.
And then there is Iran.
The United Nations' international nuclear agency is expected to confirm on Monday that the republic has met the conditions of its deal struck with the US last year, says The Times.
This will lead to the removal of sanctions inhibiting oil exports coming perhaps as early as the end of this month and as many as a further 500,000 to one million barrels a day flooding the market within six months.
"We feel the Saudis will pump even more and a price war between them and the Iranians will drive us well into the $20 levels.
"We are sellers of any and all rallies in days and weeks to come,"
Tariq Zahir, at New York's Tyche Capital Advisors, toldReuters.
The one bright spot on the horizon is a slowing of production in Russia, another of the world's largest producers, which has also been fuelling an export war with Saudi Arabia.
"The oil-pipeline monopoly Transneft said Russian companies are likely to cut crude shipments by 6.4 per cent over the course of 2016,"
writes Ambrose Evans-Pritchard in the Daily Telegraph.