West Texas Intermediate futures for March delivery slid to $29.35 (-0.31%), while Brent crude is currently at $33.40 (+0.12%). Prices retreated from Friday's 10%-increase after Chinese trade data cast a shadow over potential demand. Nevertheless oil stayed not far from levels reached on Friday on speculation that OPEC may finally act to support prices. However, some analysts say that production cuts would be effective only in a short period of time.