Kicking a production freeze deal down the road was probably the best oil bulls could hope for after OPEC failed to reach a consensus in Algiers, strategists told CNBC.
"I see these current negotiations as trying to set a framework for future discussions that might yield fruit in a tangible freeze or even cuts in November or next year," Robin Mills, a Dubai-based oil industry analyst and CEO of Qamar Energy, said.
De facto OPEC leader Saudi Arabia has made it clear November could be a "live" meeting. Khalid al-Falih, the Kingdom's highly influential energy minister, hinted very strongly on Tuesday that OPEC may go a step further in November and discuss a production cut - something he said wouldn't happen at the Algiers gathering.
"We need a gentle adjustment to reassure the market," The Wall Street Journal quoted Falih as saying.
But many OPEC watchers remained dismissive of suggestions the group would ever be cohesive enough to push through real supply cuts and stick to them.
"OPEC needs a gimmick to raise prices to over $50," Fereidun Fesharaki, chairman of energy consultancy FGE, told CNBC.