Oil prices are likely to fall even further over the coming weeks, analysts told CNBC Tuesday, as a sharp sell-off in global equities combines with intensifying fears about a market that could soon to be awash with crude.
The latest wave of energy market selling comes amid reports of swelling inventories and forecasts of record U.S. and Russian output. Heightened worries of a possible economic slowdown in 2019 have also added downward pressure to the value of a barrel of oil.
"The only way is down," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note published Tuesday.
"There are lots of variables regarding next year's oil balance but based on available data, information and sentiment, it is fair to say that any price rally will be met by fierce resistance from the sellers' side," Varga said.