Oil prices advanced on Friday

International benchmarks for oil prices increased on Friday (11 March) on the International Energy Agency report that market is seeing signs of bottom after 20 months of price rout since mid 2014. Traders is hoping for some supply tightening as major oil producers could meet on 20 March to discuss about ways to freeze production output at Jan level, without Iran. Meanwhile, in the USA, Baker Hughes report  on the number of shale oil rig count show another drop, pointing to possible drop in production output. The IAE report, however stated that   "this should not be taken as a definitive sign that the worst is necessarily over."

WTI closed at   $38.50/b (+$0.66)
Brent closed at $40.39/b (+$0.34)

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