PARIS (AP) — The organization that represents major oil-consuming nations said Friday that signs of a market that has "bottomed out" are emerging.
The Paris organization, however, said that the recovery in crude prices in recent days from multi-year lows does not mean that there will be a significant and sustained rebound in the short-term. There have been sharp declines in demand, particularly in the United States and China, it said.
China, the world's second-largest oil consumer, is attempting to quell anxiety over a slowing economy and labor unrest. Earlier this month, it cut its growth expectations for the year.
Goldman Sachs said on Friday that production is unlikely to increase in the U.S. until 2017, and that prices could volatile in the next few months.