Don’t expect a pretty second quarter earnings season for the oil sector. Even though crude prices have rebounded from the lows hit at the start of the year, they’re still under pressure. Both U.S. West Texas Intermediate and international benchmark Brent crude are down around 40% compared to the second quarter of 2014. Low gas prices are also a problem, particularly as many of the biggest oil companies now produce as much, if not more, gas than oil. That means investors should brace themselves for another punishing set of results when big oil reports on its performance for the quarter later this month. Oppenheimer has a particularly bleak view of what’s coming, predicting the oil majors will report their lowest quarterly earnings in five years. That follows a dismal first quarter in which the companies had to contend with oil dropping to a six-year low below $50 a barrel. […]