A glutted market means crude is likely to come under pressure next year regardless of OPEC’s production quotas, according to Sam La Bell, analyst with Veritas Investment Research. He's seeking out hedged producers who have reduced their risk if prices plunge into the $60 range.

Right now we’re oversupplied by half a million to a million barrels a day going into next year,” La Bell tells BNN, noting prices will have to drop significantly to align supply with expected demand.”

Buy hedged oil producers as crude prices plunge: Veritas