January 16, 2015 7:29 PM

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Oil jumps after IEA forecast that market downtrend would end

Brent crude oil futures oil rose more than 2 dollars, to 49.82 dollars a barrel, on Friday, after the International Energy Agency, IEA, forecast that the market downtrend would end. US crude rose 1.10 dollars, to 47.35 dollars a barrel.However, the 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. It said a re-balancing may begin to occur in the second half of the year.But the IEA added that it was anybody's guess how low the market's floor will be. Oil prices have dropped by nearly 60 percent since June.

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