The oil price was traded flat yesterday, though still managed to record its strongest March rally in almost a decade.
International benchmark Brent crude climbed back above $40 per barrel and was going for $40.11 in evening trading. US benchmark West Texas Intermediate gained around half a dollar throughout the day, settling around $38.25.
The euro reached its highest level against the dollar since October, making dollar-denominated oil more affordable to holders of other currencies.
Oil prices have risen about 50 per cent since hitting lows of $27 per barrel in January due to trader hopes that Saudi Arabia led Opec will be able to close a deal with Russia to freeze production at January levels.
US shale production has also begun to drop off with inventories adding less than expected on Wednesday, hitting a record 534.8m.