Oil prices continued to drop ahead of a meeting among crude producers scheduled for Sunday in Doha, Qatar.

At least 18 crude production countries will attend the meeting in Doha this Sunday to discuss freezing crude output at January levels.

An Iran official said before the meeting that the country will reject any limits on its output before reaching pre-sanctions levels.

Global oil supplies sank by 0.3 million barrels per day in March to 96.1 million barrels per day, according to the oil market report released Thursday by the International Energy Agency.

The West Texas Intermediate for May delivery moved down 1.14 dollars to settle at 40.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 74 cents to close at 43.1 dollars a barrel on the London ICE Futures Exchange.