Fundamentals in the crude market have been fragile for some time, a Citigroup analyst said.
The economic conditions are in place for a strong outlook on commodities, company analysts say.
Brent oil prices have fallen by more than 20 percent since Apri.
OPEC leaders have said that they are "inclined to extend... production cuts" into the second half of 2019.
Growing U.S. production and supply and lagging demand are putting pressure on OPEC.
Venezuela's ongoing political crisis may be causing oil prices to climb.
OPEC is considering cutting production once again as oil prices have declined in recent weeks.
Oil has retreated about 13 percent from the three-year high reached at the end of June.
The U.S. shale boom is shifting the balance of power in the oil market.
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