According to CNBC, most analysts believe the market is nearing the top, and since the general sentiment is that the worst is over for the global economy, Brent isn't expected to rise much higher.

U.S. inventories have been on the rise recently, suggesting that the world's number one oil consumer is nearing oversupply.

The eurozone's economy has played a major role in reassuring investors that global demand will pick up. The region has effectively turned a corner in its economic crisis and has begun to rebuild.

Although the worst may be over, many are still wary as political trouble in both Spain and Italy threaten to tear down some of the progress.

Thursday's press conference following the ECB meeting is expected to yield little change to monetary policy in the region, as the bank's already record low interest rates will probably remain unchanged.

However, Bank President Mario Draghi's address at the close of the meeting will provide clues to the bank's future plans as well as an assessment of the currency's strength.

Geopolitical tension has kept Brent prices strong as most of the major crude suppliers remain unstable. Tunisia, which lies between oil producing Algeria and Libya, dissolved the government in an effort to calm rioting citizens.

The tension is reminiscent of the Arab Spring revolts that plagued the region two years ago.


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