Oil prices retreated Thursday ahead of a meeting among key crude producers this weekend.

At least 16 crude production countries will attend the meeting in Doha on Sunday to discuss freezing crude output at January levels.

Saudi Arabia and Russia reached a consensus Tuesday to cap the crude production during talks between the two nations.

In March, OPEC crude production increased 15,000 barrels to average 32.25 million barrels per day, said OPEC in its monthly market report released on Wednesday.

The West Texas Intermediate for May delivery moved down 26 cents to settle at 41.5 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 34 cents to close at 43.84 dollars a barrel on the London ICE Futures Exchange.