Producers accounting for up to 73 percent of global oil output will reportedly be supporting an output freeze, which was first proposed in February.
Despite Wednesday's price rises, oil markets remain dogged by a global supply overhang which sees over 1 million barrels of crude pumped every day in excess of demand, leaving storage tanks around the world brimming with unsold oil.
Brent crude futures LCOc1 were down $1.17 at $38.36 a barrel by 0943 GMT, while USA crude futures CLc1 were 82 cents lower at $36.36.
Crude oil prices reached a three-month high last Friday on expectation of further steps to cap output, similar to what was seen in February.
World oil prices rebounded on Thursday, March 17, 2016 (Western Indonesia Time), as news of a meeting between Organization of the Petroleum Exporting Countries member states overshadowed increasing United States' crude supplies.
Novak was due to call Saudi Oil Minister Ali al-Naimi on Wednesday to brief him on his trip to Tehran, two sources said.
"The positions of the Russian Federation about Iran's return as well as resumption of stability to the oil market were encouraging and very positive", he told reporters.
"Easy money is always good for commodities and the Fed gave oil bulls yet another excuse to push crude prices higher", said John Kilduff, partner in a NY energy hedge fund Again Capital.
Oil prices extended their gains in Asia Thursday after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline.
WTI rose 5.8 per cent and Brent advanced 4.1 per cent to firmly close above Dollars 40 a barrel yesterday.
Traders are also watching for USA economic data and meeting of Federal Reserve policy makers starting today for clues on whether they will announce another interest rate hike.
"Recent Iranian statements make it crystal clear to the market that they aren't about to freeze production", said Mike Wittner, head of oil markets at Societe Generale SA in NY.
"Iran said it was ready to take part in this meeting", he added. Baghdad on Monday said the freeze initiative was acceptable, citing the hardship for producers caused by low prices.