Oil steadied below $80 a barrel on Tuesday after a fall of nearly 2% in the previous session, as the market awaits the outcome of OPEC and central bank meetings.
With the dollar also flat against the euro, following gains the previous day on worries about debt problems in Greece, there was little reason for oil prices to move, reports Reuters.
US crude futures for April dropped 14¢ to $79.66 a barrel by 0525 GMT, while London April Brent dropped 15¢ to $77.74.
The slide in oil prices on Monday, which took front-month crude below $80 for the first time since 4 March, was triggered by dollar gains.
There have also been fears that that a 16-month high in consumer inflation in China might lead the country's central bank to raise bank reserve requirements as early as this week, reports Reuters.
China, the world's second largest oil consumer, has already tightened reserve requirements twice this year.