The price of Brent crude oil steadied above $48 a barrel following the rise of the Euro against the US dollar.
Reuters reported that Brent crude oil futures increased 22 cents to $48.38 a barrel, while US West Texas Intermediate (WTI) crude futures rose 10 cents to $45.25 a barrel.
OPEC secretary-general Abdullah al-Badri said oil prices may have fallen to their bottom and warned of a future jump to $200 a barrel if investment in new supplies is too low.
Oil prices have declined nearly 60% since June 2014 amid abundant supplies from the US shale oil boom and OPEC’s decision to not reduce its output.
Standard Chartered said OPEC’s decision to keep production high was starting to affect other producers.
The bank said: "Non-OPEC output is being hit hard and we now expect the oil market to tip into supply deficit in H2."
Brent’s open interest on the Intercontinental Exchange reached 1.64 million lots in the week of 20 January, a record-high since recording data commenced in 2011.
A survey by Reuters has found that US commercial crude stockpiles are likely to have increased by around four million barrels last week, after posting its largest build in 14 years in the previous week.