“While the outlook looks brighter in 2019, end-of-year research notes are filled with warnings that oil prices could spike or slump outside of that range. The risks range from closely watched macroeconomic factors like the U.S.-China trade dispute to underappreciated threats emanating from refineries in Asia,” according to CNBC.

North American output and OPEC will, predictably, loom large for oil next year.

OPEC, Russia and several other producers in January will launch new production cuts that aim to remove 1.2 million barrels per day from the market. The producers began capping output in January 2017, but lifted the curbs in June ahead of U.S. sanctions on Iran, OPEC’s third-biggest producer,” reports CNBC.

For more information on the energy sector, visit our energy category.