Oil futures traded lower as dollar value strengthened, as well as concerns that a meeting of oil producing nations being held in Doha on Sunday will not curb excess supply.

The price of Brent crude LCOc1 dipped 34 cents to touch $44.35 a barrel, while price of US crude CLc1 fell by 49 cents to $41.68 a barrel, reported Reuters.

Saudi Oil Minister Ali al-Naimi recently ruled out an outright cut in production of oil, which negatively impacted prices.

"Saudi Oil Minister Ali al-Naimi recently ruled out an outright cut in production."

When asked about any plans to cut Saudi’s oil production, al-Naimi told the al-Hayat newspaper: "Forget about this topic."

Iran’s Oil Minister Bijan Zanganeh is not likely to attend the meeting; instead, the country plans to send a representative.

The country has already indicated that it does not intend to cut production, reported the news agency.

Furthermore, strengthening of the US dollar also weighed down the prices, as the currency makes dollar-denominated commodities expensive for other countries.