Investing.com - Crude prices dipped on Monday as analysts, including Goldman Sachs (NYSE:GS) poured cold water on the prospects of a planned oil producer meeting successfully reining in global oversupply.
Despite this, prices failed to fall further because of a firm demand outlook as well as a tightening supply side.
U.S. crude rose above $40 a barrel in early trading, pushed by a tightening U.S. market, but prices eased to $39.62 by 11:07 GMT, down 4 cents from Friday's close.
Brent crude was down 2 cents at $41.89 a barrel.
Goldman Sachs warned that a planned meeting of producers to discuss an output freeze in Doha on April 17 may not accelerate the rebalancing of t he oil market.
Global overproduction is currently estimated at about 1 million barrels per day in excess of demand. But the longer-term outlook for oil seemed less bearish, with analysts forecasting a pick-up in demand.