OPEC to discuss the output oil freeze on 17 April

Everybody focuses on a global supply oil gut. Oil prices swung between gains and losses in North American trade on Thursday, as a broadly weaker U.S. dollar boosted the appeal of dollar-denominated commodities.

The prospect of less U.S. interest rate hikes this year according to United States Federal Reserve Chair Yellen   drove the dollar down against its major rivals..

Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.

Yesterday the U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 2.3 million barrels last week to an all-time high of 534.8 million barrels, underlining concerns over a domestic supply gut.

Saudi Arabia and fellow OPEC members Qatar and Venezuela agreed with non-OPEC member Russia to freeze output at January levels, provided other oil exporters joined in.

OPEC member Iran is expected to attend an oil producers meeting in Doha on April 17 to discuss an output freeze, although it may not necessarily partake in negotiations.