Oil prices have moved under downward pressure from rising supplies, even though Iranian exports are expected to fall because of new U.S. sanctions. Forecasts of a 2019 supply surplus and slowing demand have also crippled the market.
Brent crude had dropped from a four-year high in October above $86 a barrel to $71 on Tuesday. Prices rallied back above $73 on Wednesday. The additional supply has caused diminishing crude prices, tethering income for other oil producers.
A ministerial committee of some OPEC members and allies are likely to meet this week in Abu Dhabi to discuss the market and outlook for 2019.