Some analysts are wondering if it's Groundhog Day in the oil market.
Prices have rallied nearly 20 percent since early August on talks of an OPEC move to support prices, mirroring gains earlier in the year when the cartel had raised the prospect of curbing supply. That rally sputtered and some market experts say it's unclear if a similar fate can be avoided.
After all, the 14-member group haven't agreed on very much since the summer of 2014 when the oil market started crashing. Prices have fallen as much as 70 percent since then.
"Prices are only marginally above where they were when the group met in Doha in April and couldn't agree to a deal," said Daniel Hynes, commodity strategist at ANZ, in a report on Thursday.
"It's clear OPEC saw the weakness in oil prices in July as unwarranted and this forced its hand. However, instead of having to cut output, verbally intervening has achieved the same impact," he added.