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There's little reason to expect oil prices to extend gains through the first quarter of 2018, energy strategists have told CNBC.

The prospect of rising U.S. shale production, subdued price movements and intensifying geopolitical risks is likely to offset a rally in prices at the start of next year, the analysts said.

Harry Colvin, director and senior economist at Longview Economics, told CNBC in a phone interview that he was "pretty bearish" over the price of oil over the next three months.

"While we could easily see an escalation of tensions in the Middle East, in the absence of that, optimism is probably misplaced for up to six months… Everybody seems to be facing the same way over oil at the minute and it's when this happens that you need to be especially careful," he said. Oil prices have recovered well over a third of their value since hitting 2017 lows in June. The gains are largely due to the global supply cuts implemented by OPEC and non-OPEC producers at the start of the year. What will happen with US shale?

Goldman Sachs said a stronger-than-anticipated OPEC-led commitment to extend production cuts would likely support oil prices through 2018. The U.S. bank lifted its Brent price forecast for next year to $62 a barrel and its West Texas Intermediate (WTI) projection to $57.50 a barrel. The revisions were up from $58 a barrel and $55 a barrel respectively.

The U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) have both indicated strong global demand growth in 2018 at 1.3 percent or above. "A really key nub of the debate with oil is what will happen with the U.S. shale?" Colvin said.,