Oil Up $2 With IEA Thinking Tides Will Turn

Brent crude oil rose more than $2 to near the $50 mark with the International Energy Agency says the global glut and sell-off will end.

According to Reuters:

The International Energy Agency (IEA) said the market could fall further before it recovered, but there were already signs lower prices were beginning to curb production in some areas, including North America.

According to an IEA report released on Friday:

How low the market’s floor will be is anybody’s guess. But the sell-off is having an impact. A price recovery – barring any major disruption – may not be imminent, but signs are mounting that the tide will turn.

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