My opinion: there's a power struggle going on between large oil producers (Royal Dutch Shell, ExxonMobil, etc) and OPEC. Supplies have gone up due to increased drilling/new methods, but OPEC is not wanting to cut production (to try to raise prices), thinking that they can outlast the companies. Oil companies have reduced their exploration and production costs to a break even of around $45/barrel (according to some), which is much lower than OPEC's average (estimated at $55-60).
As far as investments, I'm not a CFA, but I would utilize put options on oil company's stocks. I'm thinking we're going to see a pull back in their share prices, due to a squeeze on their profits.