West Texas Intermediate futures for January delivery is currently at $36.17 (-0.28%), while Brent crude is at $37.22 (+0.43%). Both crudes are on track to post a third week of declines (-2.2% and -2.1% respectively).

Fundamentals remain bearish. The Energy Information Administration reported on Wednesday that U.S. crude oil inventories unexpectedly rose last week. The Federal Reserve raised its interest rates this week. Higher Fed rates normally support the greenback making the dollar denominated crude more expensive for customers using other currencies. Investors are also waiting for U.S. lawmakers to vote on oil exports ban elimination.

Analysts say that oil prices have not reached the bottom yet.