“Well, J.P. Morgan said prior to the OPEC meeting early December, that if OPEC didn’t really cut by more than around 1.2 million barrels per day, and they did just for the first half, (not) for the full year, that we could gravitate toward... our low-oil-price scenario, which is $55 Brent for 2019,” JP Morgan’s Scott Darling told CNBC on Wednesday.

Brent hit the lowest point since August 2017 on December 25, falling below $51 per barrel. It came amid worries about global oversupply that were partly triggered by a US energy agency forecast saying that oil production from seven major American shale basins is expected to surpass 8 million barrels per day by the end of the year. At the same time, the market was spooked by the Federal Reserve’s interest rate hike.