webpack-cli: Unable to use webpack-cli with @babel/core and babel-loader "^7.1.3"

Unable to use webpack-cli with @babel/core and babel-loader "^7.1.3" and since webpack-cli uses jscodeshift which intern uses babel-register "^6.9.0" and babel-core "^6.26.0" which is causing the following issue when used along with @babel/core "^7.0.0-beta.40"

ISSUE: Module build failed: TypeError: Cannot read property 'loose' of undefined (While processing preset: "/node_modules/@babel/preset-env/lib/index.js")

Issue has been raised in the @babel/core but according this (https://github.com/babel/babel/issues/7110#issuecomment-354583771) it might be due to use of babel version 6 by some dependencies

using the following config

// package.json

"dependencies": {
    "react": "^16.2.0",
    "react-dom": "^16.2.0"
  },
  "devDependencies": {
    "@babel/core": "^7.0.0-beta.40",
    "@babel/preset-env": "^7.0.0-beta.40",
    "@babel/preset-flow": "^7.0.0-beta.40",
    "@babel/preset-react": "^7.0.0-beta.40",
    "babel-loader": "^7.1.3",
    "html-webpack-plugin": "webpack-contrib/html-webpack-plugin",
    "webpack": "^4.0.1",
    "webpack-cli": "^2.0.9"
  },
  "babel": {
    "presets": [
      "@babel/preset-env",
      {
        "targets": {
          "browsers": [
            "last 2 versions",
            "safari >= 7"
          ]
        }
      }
    ]
  }

// webpack.config.js
const path = require('path');
const HtmlWebpackPlugin = require('html-webpack-plugin');

// plugins
const HtmlWebpackPluginConfig = new HtmlWebpackPlugin({
  template: './src/index.html',
  filename: 'index.html',
  inject: 'body',
});

module.exports = {
  entry: {
    main: ['./src/index.js'],
    vendor: ['react', 'react-dom']
  },
  output: {
    path: path.resolve(__dirname, 'build'),
    filename: '[name].js',
  },
  module: {
    rules: [
      {
        test: /\.(js|jsx)$/,
        exclude: /node_modules/,
        loader: 'babel-loader'
      }
    ]
  },
  resolve: {
    extensions: ['.js', '.jsx'],
  },
  plugins: [
    HtmlWebpackPluginConfig
  ],
  target: 'web'
};