MOSCOW (Sputnik) — Prices on the global oil market have recovered remarkably in the last few weeks and might have "bottomed out," the International Energy Agency (IEA) said in a report published Friday.
"International crude oil prices have recovered remarkably in recent weeks. From a nadir of $28.5/bbl in mid-January Brent crude is now trading around $40/bbl. This should not, however, be taken as a definitive sign that the worst is necessarily over. Even so, there are signs that prices might have bottomed out," the report reads.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, mostly because of a prolonged global oversupply and low demand.