Oil prices may have recovered from their 2016 lows, but they are still wreaking havoc on General Electric (GE - Get Report) . Revenue in General Electric's oil and gas equipment business slumped 22% year over year during the fourth quarter to $3.4 billion. Michael Ingram, a market analyst at BGC Partners, based in London, expects oil prices to continue to be a drag on GE throughout the first half of 2017. He also said the company's move to merge its oil and gas business with Baker Hughes (BHI) won't spark cost synergies right away.