Oil jumps off lows, IEA sees H1 deficit after Opec cuts
Oil prices climbed more than $1 on Wednesday, lifted by a surprise drawdown in US inventories and data from the International Energy Agency (IEA) suggesting Opec cuts should create a crude deficit in the first half of 2017.
"For those looking for a rebalancing of the oil market the message is that they should be patient, and hold their nerve," the IEA said in its monthly report.
For all latest news, follow The Daily Star's Google News channel. Brent futures rose more than $1 from Tuesday's close. By 1137 GMT, oil was up 92 cents at $51.84 a barrel. Prices had hit a three-month low of $50.25 during the previous day's trading.
U.S. West Texas Intermediate crude was up 99 cents at $48.71 and had also climbed more than $1 during Wednesday's trading. On Tuesday, the price fell to $47.09, also the lowest since November.