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Crude oil futures were steady Thursday, rising slightly from 10-month lows in the previous session.
A brutal sell-off drove oil into bear market territory over the past few weeks. Analysts have expressed doubts that OPEC and Russia can end the supply glut anytime soon.
Should prices stay below $45 for much longer, it is thought that some of the more vulnerable oil-producing nations will turn on the spigot in defiance of Saudi Arabia.
OPEC members are in talks about making further cuts in oil production, according to Iran's oil minister. However, he said, finding a consensus will be "difficult."
Macqarie analyst Ian Reid spoke on CNBC: "I think that's going to be a very hard ask to be honest. We actually see this OPEC agreement breaking up towards the middle of next year. In that case, we're going to see a huge amount of extra oil on the market next year."
August WTI oil climbed 21 cents, or 0.5%, to settle at $42.74/bbl.
