Market expert: 'no oil rebound until 2nd-half of 2016'

Global oil prices rebounded on Thursday following an eight-day skid, but they remain near 12-year lows as global supply outstrips demand.

And IHS Vice Chairman and oil industry expert Daniel Yergin expects prices to stay low at least until the 2nd-half of 2016, due to what he calls a "surplus of global instability".

That includes geopolitical unrest in the Middle East, uncertainty in exporting nations like Venezuela and Iraq, and the return of Iran's energy products to global markets, following Tehran's nuclear deal with world powers.

Mr. Yergin, who wrote the Pulitzer Prize-winning book The Prize: The Epic Quest for Oil, Money, and Power, tells the BBC's Katty Kay that we should not expect a price 'rebalancing' any time soon.