Jakob argued that the outlook is not as weak as many may believe since the Organization of Petroleum Exporting Countries has revealed its intent to prop up the market, compared to the 2016 selling on a rising global supply glut.

OPEC and its allies like Russia have come to a decision to cut production in 2019, reversing its June decision to pump out more oil. The group plans to lower output by 1.2 million barrels per year next year.

“The last few days of selling pressure in the crude markets has felt less fundamentally driven and more a function of the overall market meltdown as increased equity volatility and growing macro concerns have weighed on a number of asset classes,” analysts at Tudor Pickering Holt & Co. said in research note Wednesday. “OPEC+ cuts in Q1 should move the market balance to undersupplied, and if the U.S. upstream sector cuts capital as investors hope, then the commodity should ultimately start to find support in the new year as U.S. growth fears are abated.”

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