|01-16-2015, 09:29 PM||#1|
Oil prices surge as IEA sees signs of recovery
Brent crude oil futures rose above $49 a barrel on Friday as the International Energy Agency (IEA) said the tide of recent price slumps may turn, as it kept the demand forecast for this year.
Analysts said a strong rebound anytime soon was unlikely as global output continues to outweigh demand.
The International Energy Agency (IEA) said oil prices could fall further before they recovered, but there were already signs lower prices were beginning to curb production in some areas, including North America.
IEA pointed out that oil producers outside the Organization of the Petroleum Exporting Countries will increase their production in a slower than the previous forecast pace, which means that these countries cut production in an attempt to revive oil prices.
Brent crude futures were up by 3.44% around $49.92 a barrel at 10:37 GMT, compared to the entry levels $48.26 a barrel.
U.S. crude oil was 4% higher around $48.09 a barrel.
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