Market and product

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

It was noted in the report that oil prices could be supported by oil producers' actions to control the output, a number of supply outages in several members of the Organization of the Petroleum Exporting Countries (OPEC), as well as by the decline in supply within several non-OPEC states.

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.