Goldman Sachs said in a note Wednesday that it expects oil markets to remain highly volatile in the coming weeks.
Oil markets returned on Wednesday after falling by more than 6% a day earlier in high volumes.
"There will be a key catalyst to stabilize prices and, ultimately, to get bigger," the bank said in the note.
Such an incentive would include evidence that OPEC's production was "shrinking" and more evidence of robust demand, he said.
The Organization of Petroleum Exporting Countries (OPEC) urges independent producers, including Russia, to participate in a reduction in production between 1 million and 1.4 million barrels.
The bank said the price collapse again reflected "concerns over the excessive supply supply in 2019 … and (f) a wider sale of commodities and assets as concerns about growth continue to grow."
The investment bank said a sudden fall in demand or a lack of OPEC production would be a major threat to price hikes in current levels.
"While both are unlikely, we are more concerned about the second factor, because such a change leads to a sustained decline in oil prices," the bank said.