Saudi Arabia, a leading member in the Organization of Petroleum Exporting Countries (OPEC), already pledged last November to keep crude output high to defend its market share against higher-cost p...
Asked if OPEC would cut output at the upcoming June 5 meeting, Iran's Deputy Oil Minister Rokneddin Javadi told Reuters: "I don't think so."
Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have over-shot, and could be about to correct.
International benchmark Brent regained ground after tumbling 5 per cent on Thursday, when a preliminary nuclear deal was finally reached between world powers and Iran.
Brent crude prices had climbed up by 21 cents to US $51.17 a barrel by 07:33 am. US crude price for February delivery was up 34 cents at US $49.13.
Data showing the US economy remained resilient amid slowing global growth helped bolster oil, which was also supported by Chinese crude imports likely hitting a record high in December.
Brent crude price touched a fresh low since May 2009 at US $52.28 a barrel on Tuesday, although it recovered slightly to US $52.83 by 1:00 pm, down 28 cents.
US crude slid as low as $51.40 a barrel on Monday, its lowest since May 2009, and at 0535 GMT was at $51.60 a barrel, still down $1.09.
Both US crude and Brent prices have fallen for five straight months, oil's longest losing streak since the 2008 financial crisis.
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