OPEC and non-OPEC countries meeting to preclude a further oil price decline

The oil price should stabilize in the absence of any new bearish news. 

A renewed steep rise in US crude oil stocks should no longer come as a negative surprise in view of the lower rate of crude oil processing for seasonal reasons.

Representatives of OPEC and non-OPEC countries will be meeting in Vienna tomorrow to share views and opinions. 

"Although there is little chance of any concrete steps to reduce the oversupply being agreed, the vague prospect of a minimal consensus should at least discourage market participants from betting on further falling prices", says Commerzbank.