Oil prices was reported to have been stable on Friday after bouncing back from six-and-a-half-year lows on improving equities markets, tough U.S. economic growth and news of low crude supplies from Nigeria.

Shell’s Nigerian unit recently declared force majeure on Bonny Light crude oil exports after shutting two key pipelines in the country due to a leak and theft.

Global oil markets have dropped by a third since May and are still well under half their value a year ago all thanks to a huge oversupply of fuel and sluggish demand.

Nevertheless analysts still conclude that oil markets fell too far, too fast and a rebound was on the cards. A stock market rise, strong U.S. growth data and a pipeline outage in Nigeria provided an excuse for a recovery last Thursday, they added. “A short-covering rally, led by crude oil, pushed commodities higher across the board,” analysts at ANZ told Businessday. “Better-than-expected U.S. GDP numbers were the main spark, although the force majeure on … exports from Nigeria extended the gains.”

The U.S. economy developed faster than expected in Q2 on solid domestic demand. Gross domestic product expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department stated.