The initial headlines coming out of the OPEC meeting in Abu Dhabi that Saudi Arabia has committed itself to lower production output should be enough to prevent the value of Oil falling any further, at least for now. This meeting is still ongoing and not scheduled to conclude until later on Monday, but it does appear at least on headline that the consensus is that the price of Oil would benefit from less supply heading into 2019.
We do feel that the Oil markets will be at risk to volatility as financial markets become more aware over the potentiality of a slowdown in the global economy next year, and that a reduction in Oil supply next year would be appropriate with the risks of lower economic growth.
The price of Oil remaining roughly around $70 in Brent Crude and $60 in West Texas Intermediate and consolidating around these levels would be appropriate in the greater scheme of things, considering the ongoing external uncertainties around trade tensions and pressures in emerging markets that are seen as large risks for slowing global growth.
If there are concerns over a potential economic downturn, then it is only natural that there will be concerns over demand for commodities like Oil, which is why its current valuation today can be considered as appropriate for where we currently are with the global economy.