Brent rebounds from eight-month nadir on short-covering

International benchmark Brent prices maintained their gains in American trade on track for the first profit in five days away from eight-month lows. 

As of 12:24 GMT, Brent rose to $66.35 a barrel, with a session-high at $66.78, and a low at $65.01. 

Brent lost 3.5% on Tuesday, the fourth loss in a row and the largest since July 11, marking eight-month lows at $64.63. 

The US government expects shale oil output to hit a new record high at 7.94 million bpd in December according to the monthly report released by the Energy Information Administration. 

Total US production already hit another record high of 11.6 million bpd in the week ending November 2, making America the world's top producer, with analysts expecting production to surpass 12 million bpd in the first half of 2019. 

As US output leaps forward, and Russian production scales records as well, and OPEC at two-year highs, concerns persist in the market regarding oversupply and saturation, especially as global demand weakens.