Apart from that, the crude oil prices are getting more sensitive to global risks. Investors are getting more wor-ried about the potential slowdown in the global growth, which fuels concerns over a weaker demand in 2019 amid the ongoing rise in the US shale oil production. By the way, as US Energy Information Agency reported on Monday, the oil production in the country is expected to rise to 8.166 million next year.
Should the market remains under pressure in the short term, the next downside target is expected at $55, where October 2017 lows lie. Brent needs to get back above the $61 barrier shift to a recovery mode, but there are no signs that the drivers will come to the rescue, at least, so far. On the other hand, further sell-off could make major OPEC exporters come out with verbal interventions.