Oil prices have finally found a floor, with Brent crude up 1% today and WTI roughly flat, but if there isn’t a larger rebound in the months ahead we could see double-digit default rates in an industry where debt has been accumulating on the assumption that prices would stay high. Even though this would put a lot of stress on the sector in the next few years, it could set up some big winners in the long run. Oil prices undermined from multiple angles In a recent presentation, JP Morgan chairman of market & investment strategy Michael Cembalest and head…