- Brent crude oil rose over 50 dollars level on Friday, after the International Energy Agency (IEA) forecast, drawing attention to falling production hit by low prices.
Brent crude oil prices rose over 50 dollars to 50.16 dollars on Friday, rising by more than 2.0 dollars, while US light oil price rose to 47.92 dollars over the same period.
Brent price came bac to below 50 dollars after a short while but remainde very close to the 50-dollar level at 49.80 - 49.90 levels, while the US light crude traded around 47.20 - 47.50 levels.
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.
"How low the market's floor will be is anybody's guess. But the sell-off is having an impact," the IEA said in its monthly report on Friday. "A price recovery - barring any major disruption - may not be imminent, but signs are mounting that the tide will turn."
Global oil demand is seen to rise by 1.15 million barrells per day (mb/d), following an upward revision of 30 thousand barrells per day (tb/d) due to expectations of higher oil requirements in OECD America and Other Asia, oil cartel said on Thursday.
"The adjustment mainly reflects better-than-expected oil demand data from OECD America and China" said in the OPEC Monthly Oil Market Report." Global oil demand is estimated to have grown by 0.95 mb/d in 2014, representing an upward revision of 20 tb/d from the previous month."
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