West Texas Intermediate futures for April delivery is currently at $33.03 (-0.12%), while Brent crude declined to $35.08 (-0.60%). Yesterday prices rose on signs of stronger demand for refined oil products in the U.S., however that rally lost momentum after market participants took into account the persistent supply glut and the looming low-demand spring season.

Some sources reported that some leading oil producers are likely to meet in March to discuss freezing output at January levels, but many experts say that this would not be helpful at all even if such an agreement is reached and implemented.