Oil edges up Oil prices edged higher on Thursday, but swelling US crude stockpiles limited the rebound from a one-week low after the International Energy Agency said oil markets had been tightening even before cuts agreed by OPEC and other producers took effect.
The IEA said that while it was “far too soon” to gauge OPEC members’ compliance with promised cuts, commercial oil
inventories in the developed world fell for a fourth consecutive month in November, with another decline projected for December.
Benchmark Brent crude was up 21 cents, or 0.4 per cent, at $54.13 a barrel by 1:33 p.m. EST (1833 GMT) after closing down 2.8 per cent in the previous session. U.S. crude rose 17 cents, or 0.4 per cent, to $51.25 a barrel, having dropped to a one-week low on Wednesday of $50.91.
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