Analysts said prices were expected to see-saw ahead of Sunday's meeting in the Qatari capital Doha that will gather both OPEC producers led by Saudi Arabia and non-OPEC members such as Russia.
    
A major subject for the meeting is a proposal to freeze output at January levels in a bid to ease the oversupply that helped send prices plunging by three quarters to near 13-year lows between August 2014 and February this year.

At around 0830 IST, US benchmark West Texas Intermediate for delivery in May was down 13 cents, or 0.32 percent, at USD 40.23 and Brent crude for June was trading 15 cents, or
0.35 percent, lower at USD 42.68.
    
Both contracts closed higher yesterday after soaring eight percent or more last week. Barclays Research said the market was expected to remain 'neutral' until after the April 17 summit.
    
"We expect better directional momentum after the meeting of OPEC and non-OPEC countries," it said in a market commentary.

 

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