The International Energy Agency (IEA) said in its monthly report on Friday there were signs that oil prices reached their bottom.

"There are signs that prices might have bottomed out," the agency said.

The IEA noted that the Organization of the Petroleum Exporting Countries' (OPEC) oil output declined by 90,000 barrels per day (bpd) in February to 32.61 million bpd due to lower output from Iraq, Nigeria and the United Arab Emirates.

Saudi Arabia's output remained unchanged.

Non-OPEC production dropped by 90,000 bpd in February to 57.1 million bpd, while

Non-OPEC output is expected to decline by 750,000 bpd in 2016, while total U.S. oil output is expected to decrease by nearly 530,000 bpd to 12.4 million bpd.