It appears the largest oil price decline since the 2008 economic and financial crises could be reaching a bottom. Maybe. Luckily we don’t have the displeasure of making oil price forecasts, like our colleague Ed Crooks the US Industry and Energy Editor at the Financial Times:

Anyway, benchmark global oil futures prices rebounded today partially due to comments made by Saudi oil minister Ali al-Naimi that appear to have -at least temporarily – calmed the market. WTI for January delivery was up over $2.30 in late trading to over $56/bbl and Brent climbed back above $61/bbl.

It’s not that al-Naimi said anything earth shattering, but perhaps talking about the Saudi view of the market after a period of relative silence was enough to quell some jitters.

It will probably take a few years for demand in major oil consuming economies to gain strength, while the currently oversupplied global oil market rebalances as lower prices motivate companies to cut investment – which is happening now – and non-Opec supply growth moderates. Global and country-level economic growth will be key here.

Barring any significant downside news, it appears oil prices may not have much further to fall, Michael Lynch president of Strategic Energy and Economic Research told Breaking Energy in an email.

“The willingness of traders to jump in and buy without strong news suggests they feel that the market is unlikely to go much lower without some further, significant, development.”

However, with shaky economic situations in Russia, Europe and much of South America, oil market dynamics remain very much in flux. So good luck to everyone working on their 2015 oil price forecasts.