March 11, 2016 - 17:30 AMT
IEA says oil ‘prices might have bottomed out’

The International Energy Agency said "there are signs that prices might have bottomed out" in the global oil market, according to the Associated Press.

The Paris-based organization, which represents the world's major oil-consuming nations, said Friday, March 11, however that the recovery in crude prices in recent days from multi-year lows does not mean that there will be a significant and sustained rebound in the short-term.

In its monthly oil market report, the IEA said supplies dropped in February by 180,000 barrels per day. But it also noted a sharp slowdown in demand growth, particularly in the United States and China.

The international benchmark for oil was up 81 cents to $40.86 a barrel on Friday, having hit a low of $28.50 a barrel in January. The price was above $100 a barrel as recently as 2014.