Brent crude futures for June fell 33 cents, or 0.5pc, to $64.53 a barrel by 0206 GMT while U.S. West Texas Intermediate crude for May was at $61.20 a barrel, down 25 cents, or 0.4pc.
"We know that the economy is primed to begin to really accelerate in the second quarter," Kelly said. "But we haven't seen that acceleration yet so that's what we're waiting for."
According to research, the coronavirus pandemic led to a sharp decline in global dividends last year, with the amount of investor payouts declining by 12.6% to $1.26 trillion.
As the public health crisis impacted every corner of the globe, prompting lockdowns and inhibiting economic activity, dividend cuts amounted to $220 billion, according to the Global Dividend Index.