IEA sees signs oil price 'might have bottomed out'

[PARIS] The oil price may have finally bottomed out, the International Energy Agency (IEA) said Friday, noting its "remarkable recovery" over recent weeks.

In its monthly report, the IEA said talk among oil producers to freeze production amounts to "a first stab at co-ordinated action" with the presumed aim of pushing oil up to US$50 a barrel, compared with about US$40 now.

Among other factors restraining oil supply the IEA said that Iran's return to the market had been "less dramatic than the Iranians said it would be".

AFP