PARIS -- The International Energy Agency says "there are signs that prices might have bottomed out" in the global oil market.

But the Paris-based organization warns a recent recovery in crude prices from multi-year lows does not mean that there will be a significant and sustained rebound in the short-term.

The IEA"s monthly oil market report says supplies dropped in February by 180,000 barrels per day. But it also noted a sharp slowdown in demand growth, particularly in the United States and China.

The Brent crude international benchmark for oil was up 81 cents to $40.86 a barrel on Friday, having hit a low of $28.50 a barrel in January. The price was above $100 a barrel as recently as 2014.

Meanwhile, futures contracts for the West Texas Intermediate benchmark crude used in the United States and Canada were trading at US$38.59 and higher this morning. WTI had also been above US$100 a barrel at the peak in mid-2014.

WTI contracts from May forward were above US$40 a barrel Friday morning.

Canada's economy has been hit hard by a rapid and deep decline in global oil prices that began in late 2014 and persisted through 2015 and early this year.