Oil futures bounced off a four-year low Friday but prices fell for a seventh week in the longest losing streak since 1986.
U.S. crude futures settled up $1.61 at $75.82, after hitting a four-year low earlier in the day. Oil has been selling off on a supply glut, and amid speculation OPEC producers will not cut production when they meet Nov. 27. West Texas Intermediate lost 2.2 percent for the week.
The International Energy Agency, which typically refrains from predicting oil prices, said in its monthly report that prices could fall further in 2015 and pressure was building on OPEC to cut supply.
"Barring any new supply disruption, downward price pressures could build further in the first half of 2015," the IEA, adviser to the United States and other industrialized countries, said.
Brent hit an intra-day low of $76.76 earlier in the session, the lowest since September 2010, before climbing $1.90 amid short covering to $79.39 in afternoon trading. Brent was down more than 5 percent for the week.