Some analysts argued the rally this week was defying fundamentals.
"Crude seems to be increasingly discounting bearish news and data including rapidly rising inventory levels," said Vikas Dwivedi, analyst at Macquarie Capital. "Market fundamentals, in our view, suggest the rally is too early, and we expect crude to retrace to the $30 per barrel range."
In under two months, Brent and U.S. crude futures have gained about $10, or around 30 percent, a barrel from 12-year lows of between $26 and $27.
The rally has also been fueled by pledges from the Organization of the Petroleum Exporting Countries to work with other major oil producers to freeze production at January's highs.
But the agreement struck in February by some big producers, led by Russia and Saudi Arabia, is expected to do little to reduce the oversupply, not least because output in the first month of the year was at, or near, record highs.
"Prices must fall once again to reach bottom in a way that really shuts down production. I don't think a freeze is the solution," Natixis commodities strategist Abhishek Deshpande said.
"That is the only true way of really turning around prices sustainably and for good...once that happens, there will be a true turning point and, for me, that kind of bottom is still below $25."
A Gulf OPEC delegate said Thursday Gulf countries prefer that a meeting of oil producers be held in the first half of April, preferably in Doha, or another Gulf City. More meetings had been expected to take place in March.