Dubai (CNN Business) The forces that pushed oil sharply lower at the end of 2018 aren't going away.

US crude prices have crashed 40% since hitting four-year highs above $76 a barrel in October. Brent crude, the global benchmark, slumped this week to its lowest level since August 2017.

Oil is an important bellwether of future economic growth, and wild price swings in recent days mirror those of global stocks.

Sustained downward pressure on oil prices reflects concerns about surging US production and a weaker global economy. Not even output cuts by OPEC and its partner states have been able to reverse the trend.

The dynamic could make for a wild 2019.

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