One of the major stories of 2015 was the crash in oil prices. But this trend has largely continued to begin 2016 as well, with crude hovering near the $30/bbl. level at time of writing.

This plunge in crude—at least to these levels—was somewhat unexpected by most market participants and it underscores just how quick and devastating the slump has been for most. And with prices this low, things like bankruptcies or bond payment issues are starting to come on the table too.

Any hope for changes this year?

Arguably the worst part about the oil slide for many industries is how likely it appears to remain the top story this year too. There are numerous global factors which appear likely to keep oil prices mired at low levels for quite some time (see 16 Bold ETF Predictions for 2016).

On the supply side, Iran looks to keep the pressure on the oil market as its sanctions have finally ended. This looks to open up Iranian crude to global markets putting a fresh 500,000 barrels a day initially on to the world stage and eventually hitting two million barrels. Add in possible increases from North America and countries like Libya, not to mention cash-strapped nations that can’t afford to slow down production, and you can make the case that the world will remain awash in crude in 2016.

And on the demand side of the equation, the picture isn’t much better thanks to greater levels of fuel efficient vehicles, lower manufacturing activity, and sluggish global growth. Chief among the global slowdown concerns is of course China, a nation which was once an engine of growth (and massive increases in commodity consumption), but no longer appears to have the appetite that it once did, potentially keeping a lid on oil prices from this perspective too.

How to Play

And while we have to be approaching a bottom soon, even if oil prices just stay at these levels we should see some industries win and other lose from this environment. For some ETF ideas on which segments will definitely be the ones to follow if that is the case, make sure to closely watch the five funds below as potential winners in a continued low oil environment: