"The question is, is that enough to keep oil prices at a level that is good for business and for producers?" said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
Crude has been under pressure in recent weeks amid fears that an ongoing rebound in US shale production is derailing efforts by other major producers to rebalance global oil supply and demand. The contract lost $2.30, or 4.8 percent, to settle at $45.52 a barrel on Thursday.
USA benchmark crude futures rose 20 cents to $45.61 a barrel in electronic trading on the New York Mercantile Exchange.
US equities also were lower, with losers led by the energy sector, which fell 2.24 percent to its lowest since August.
US crude ended the session 4.81 percent lower at $45.52 per barrel after falling as much as 5.29 percent to an intraday bottom of $45.29, the lowest since November 29.
The market, however, remained in technically oversold territory with futures trading down as much as 19 percent from highs in mid April, prompting some speculators to exit their long positions.
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Analysts said traders are anticipating the euro will rise above a technical barrier of $1.10 if, as expected, centrist Emmanuel Macron defeats anti-EU candidate Marine Le Pen in Sunday's vote. The UAE, also under pressure from fellow OPEC members to come into compliance with its quota, lowered production slightly to 2.84 million barrels per day, down 10,000 barrels per day from March, the survey found. "I think now this election is no longer an issue and the market is already starting to focus on new issues: inflation, the (euro zone) economy, and the US data", said DZ Bank strategist Daniel Lenz.
The U.S. energy sector continues to show strength. Both had been nudged lower by the commodity market worries. Economists on average expect 185,000 jobs were created in April.
The pan-European FTSEurofirst 300 index .FTEU3 rose 0.69 percent and MSCI's gauge of stocks across the globe.MIWD00000PUS gained 0.36 percent after touching a record high. However, it also makes it more likely that the Federal Reserve will raise its key interest rate again as soon as June.
Brent traded volumes on Thursday reached an all-time high of almost 542,000 contracts, suggesting big betting hedge funds may have been ripping out long positions.
Some analysts, as quoted by Reuters, believe the downward trend, which has sent prices to levels last seen before OPEC and 11 non-OPEC producers agreed to cut production to rebalance the market, highlights the organization's complete failure to achieve its goal; the cumulative price drop since January was some 17 percent despite the cuts as of 11:35pm EST.