Oil prices may have further to fall despite stabilising in recent months – and even beginning to rise modestly – because of a massive oversupply the International Energy Agency (IEA) has said.

The IEA said lower oil prices were likely to last well into 2016.

The agency added the world oil market was unable to absorb the huge volumes of oil now being produced.

It follows the massive drop in prices which started last summer.

The price of Brent crude fell sharply last year from $115 a barrel in June to $45 a barrel in January.

The current price of Brent crude is $59 a barrel.

The fall in prices has led oil firms to cut back investment in exploration, while North Sea oil has come under significant pressure.

All seven major global oil firms have also reported a year-on-year declines as a result of lower oil prices.

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