Oil prices rebound, IEA says OPEC cuts need more time to work

Oil prices climbed from three-month lows on Wednesday, lifted by a surprise drawdown in U.S. inventories and helped by figures from the International Energy Agency (IEA) suggesting OPEC cuts should push the crude market into deficit in time.

“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.

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