The price of Brent crude oil increased to around $50 a barrel on Friday after the West’s energy watchdog prediction that the downward tendency of the market could end.

Analysts, however, said it is too early to reverse the trend of sharp price declines due to continued abundant supply.

Reuters reported that Brent crude futures for March jumped to a high of $49.82 and US crude was trading at $47.35 a barrel.

"We expect crude prices to trade range-bound between $44.75 and $50.69 for WTI March 2015 and $46.4 to $52.89 for Brent March 2015."

Oil prices have declined by around $60 since June due to the worldwide increase in production.

The International Energy Agency expects oil prices to decline further before they recover, as indications of reduced prices were starting to curtail production in some areas, including North America.

Phillip Futures said in a note to clients: "We expect crude prices to trade range-bound between $44.75 and $50.69 for WTI March 2015 and $46.4 to $52.89 for Brent March 2015."

Several banks have cut their oil price outlook, with Goldman Sachs slashing its 2015 Brent forecast to $50.40 a barrel from $83.75 and US crude to $47.15 a barrel from $73.75.

BNP Paribas has cut its 2015 price forecasts for Brent and West Texas Intermediate crude by more than $10 per barrel to $60 a barrel and $55 a barrel, respectively.