(MENAFN- ProactiveInvestors)Oil prices dropped to their lowest level for a month following a drop in US demand for crude. Demand for gasoline was down in January according to figures from the US Energy Information Administration. It was the first time demand has dropped in the States for fourteen months. Brent crude was changing hands at US$37.70 while West Texas Intermediary US$35.85. Attentions also remain on the bigger picture of high level global supplies. Major oil producing nations including OPEC and non-OPEC members are supposed to meet on April 17 and what may or may not be agreed at that meeting remains a hot topic for speculation. Thomas Pugh analyst at Capital Economics said: 'some sort of compromise agreement is still likely even without Iran's full participation. 'However while a Doha deal might help to set a floor under oil prices a sustained recovery will probably require outright cuts in global supply as well as further increases in demand to rebalance the market.'
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