Brent crude was at 40.95 dollars per barrel, rebounding 0.54 percent on Tuesday.
A stronger dollar, on the likelihood of a US rate hike, also added to the lower oil prices this week.
At the meeting, OPEC oil ministers dropped any reference to a price ceiling highlighting disagreement among members on how to accomodate future Iranian output after sanctions are lifted.
U.S. shale oil output is expected to fall for a ninth consecutive month in January, the U.S. Energy Information Administration said on Monday, but this doesn’t significantly affect oversupply conditions, analysts said.
http://www.lankabusinessonline.com/oil-prices-drop-to-near-7-year-low-after-opec-meeting/