According to a survey of analysts conducted by Bloomberg, global oil prices could rise to $57 a barrel on average in 2017.

Additionally, the Bloomberg survey said that U.S. benchmark West Text Intermediate will increase to $49.50 in Q4/16 and move past the $50 mark in the beginning of next year.

Bloomberg said earnings and refining margins of Exxon, Shell and other oil suppliers have been damaged by the fact that crude oil has fallen by more than a fifth over the last two months.