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Oil Prices Almost Hit Bottom Low, But May Rebound Soon

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Global oil prices have almost hit bottom but may rebound soon, Secretary-General of the Organization for Economic Co-operation and Development (OECD) told Sputnik on Saturday.

Smoke is seen rising from the the burning leftovers of an oil refinery over oil fields near the oil rich city of Ramlan, on October 20, 2013 near the Syrian Kurdish town of Derik - Sputnik International
Hidden Aftermath of Oil Prices Slump Revealed
DAVOS (Sputnik) Daria Chernyshova – The global oil prices plunged from $115 per barrel to less that $30 per barrel between June 2014 and January 2016, hitting the lowest levels since 2003, mostly because of a prolonged global oversupply and low demand.

"I think if it [oil price] is not at the bottom, it is probably very close to the bottom," Angel Gurria said on the sidelines of the World Economic Forum (WEF) in Davos.

He added that the oil prices could rebound soon and the oil market could find its balance at some point in the future.

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