The price of Brent crude oil jumped $2 earlier as the West’s energy watchdog said the slide is due to end.
A major price rebound is not expected as global output continues to outstrip demand and production has soared.
Oil prices have fallen 60 percent since June.
The International Energy Agency hedged its bets by saying the prices may still fall further before the recovery sets in.
The extent of the price drop is beginning to have an impact on production including the United States.
