"A summit in April is looking unlikely despite the comments from both sides on how well the negotiations are going," Alfonso Esparza, senior market analyst at OANDA, said in a note.
"After much talk there is still nothing to show for it, which is once again putting downward pressure on energy demand going forward," Esparza said.
Brent has gained nearly 30 percent this year, while WTI has risen nearly 40 percent, underpinned by U.S. sanctions on Iranian and Venezuelan crude, OPEC production cuts and rising global demand.
But bearish economic indicators this week, including lower German factory orders, may be putting a cap on those gains.
German industrial orders fell in February by the sharpest rate in more than two years, according to data released Thursday.
Orders were hit by a slump in foreign demand, compounding worries that Europe's largest economy had a weak start to the year.
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