A report by the International Energy Agency Friday fueled bulls and bears alike to debate over the fate of oil.
"Basically, they're saying, 'We see the bottom,' but they're not willing to call the rally, yet," Helima Croft, RBC Capital Markets global head of commodity strategy, told CNBC's "Power Lunch" on Friday.
The agency said it considers that non-OPEC output will fall by 750,000 barrels per day this year, some 25 percent more than the 600,000 barrels per day it previously forecast. In this same vein, this past week OPEC producers announced that a meeting with non-OPEC producers was in the works for March 20.
Still, the oil market is set for doomsday, according to John Kilduff, Again Capital partner. The expert told CNBC on Friday that plans of a production freeze by oil producers will "fall apart."