Oil price has remained above $41 a barrel as the Organization of Petroleum Exporting Countries, OPEC, raised hopes of a moderate rebound from a meeting of key producers in Qatar in April.
At around 0400 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May, a new contract, was five cents down at $41.47. Brent for May dropped seven cents to $41.47.
Brent crude hit $41.73 in Tuesday March 22 trading, as speculation over an imminent supply freeze led by giant producer Saudi Arabia grew after months of diplomatic talks.
Oil hit a 12-year low of $27.50 per barrel on January 20, when bearish sentiment gripped the world’s over-supplied markets.
OPEC secretary-general Abdalla El-Badri said in Vienna on Monday that about 15 or 16 nations will attend discussions on output caps in Doha on April 17, but could not know whether Iran will join, according to Bloomberg.
El-Badri also said he hopes that prices have “bottomed”, adding that he expects crude to enjoy a moderate bounce rather than reach high levels.