While member countries have largely restrained their supply, they have remained intensely focused on keeping market share with Asian refiners.

Who said we are keeping market share? Many non-Gulf OPEC delegates have complained the Saudis impose their views on the organisation.

For much of the day the index dipped into negative territory, never by much but always keeping market-makers and dealers on their toes.

ECB watchers will also be listening out for any hints about the central bank's preferred tools for keeping market interest rate rises at bay.