March 11 - While oil prices have “recovered remarkably” in recent weeks, this should not “be taken as a definitive sign that the worst is necessarily over,” the International Energy Agency warned in its latest monthly report.

It will likely be well into 2017 when the market achieves balance, but the organisation said there were signs that crude prices have bottomed out.

These include: "Possible action by oil producers to control output; supply outages in Iraq, Nigeria and the UAE; signs that non-OPEC supply is falling; no reduction in IEA's forecast of oil demand growth; and recent weakness of the US dollar."